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GOLD STANDARD: Use of gold as the standard for valuing a nation's currency. A gold standard can take at least three different forms, most of which have been part of the American economic landscape. (1) Gold is used as the money in circulation. (2) Gold is used to back up paper money in circulation. This involves the use of something like a gold certificate, such that the number of certificates in circulation is the same as the amount of gold stored someplace like Fort Knox. (3) Gold is used to fix the exchange price of paper currency in circulation. In this case, the currency could, in principle, be exchanged for some predetermined amount of gold. In other words, the price of gold is fixed in terms of dollars.
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AVERAGE FACTOR COST CURVE, MONOPSONY A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for telephone calls from long-lost relatives.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires." -- William Ward ‚ Texas Wesleyan University Administrator
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MSCI
Morgan Stanley Capital Index
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