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PLANNING PERIOD: The period of time in which a firm selects the profit-maximizing plant size in the long run when all inputs, especially capital, are variable. This is, in other words, another term for the long run, but applied to the adjustment using the long-run average cost curve.
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AVERAGE FACTOR COST Total factor cost per unit of factor input employed by a firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for crowded shopping malls.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Democracy is based on the conviction that man has the moral and intellectual capacity . . . to govern himself with reason and justice. " -- Harry Truman, 33rd U.S. president
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