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ECONOMIC RENT: The difference between the payment received by a resource owner and the opportunity cost of the resource. This is the payment received by a resource owner over and above the minimum needed to produce a good. Many resource owners are able to extract a portion of the economic profit generated by a business as a economic rent.
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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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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for slightly overweight pizza delivery guys.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"He who hesitates is poor. " -- Mel Brooks, writer, director, comedian
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SFA
Securities and Futures Authority (UK)
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