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BRAND LOYALTY: A positive attitude toward and preference for purchasing a specific product or service in the market place. It is the desired goal of all businesses to create brand loyalty from members of their target markets. Once brand loyalty has been created it is more difficult to persuade customers to switch to an alternative brand. Some consumers will only purchase Mountain Dew, nothing else will do.
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TOTAL FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between total factor cost incurred by a perfectly competitive firm when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.
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Two and a half gallons of oil are needed to produce one automobile tire.
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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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OAPEC
Organization of Arab Petroleum Exporting Countries
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