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EDUCATION: An increase in the knowledge or skills processed by people. Education is generally view from a "formal" perspective, in which "students" sit in classrooms attuned to enthralling lectures from teachers before they are forced to reveal their education through exams. Education, however, can be much less formal, acquired on the job or through the real word experiences. An important economic aspect of is how it enhances the productivity of labor by increasing human capital. Education, in fact, has been one of the prime sources of economic growth and improved living standards.
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MARGINAL FACTOR COST, PERFECT COMPETITION The change in total factor cost resulting from a change in the quantity of factor input employed by a perfectly competitive firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"You don't have to be a fantastic hero to do certain things - to compete. You can be just an ordinary chap, sufficiently motivated to reach challenging goals." -- Sir Edmund Hillary, Explorer
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CBA
Cost Benefit Analysis
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