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FISCAL: Relating to government taxation, spending, or financial matters. The term is most often using in combination with other words, such as fiscal budget, fiscal year, or fiscal policy. In each case, the addition of the term "fiscal" means a connection with government financial matters. Fiscal policy, for example, is policy that makes use of government spending and taxation. Fiscal year is then the standard 12-month period government uses for collecting taxes, appropriating spending, and otherwise tabulating its budget.
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AVERAGE FACTOR COST AND MARGINAL FACTOR COST A mathematical connection between average factor cost and marginal factor cost stating that the change in the average factor cost depends on a comparison between average factor cost and marginal factor cost. For perfect competition, with no market control, marginal factor cost is equal to average factor cost, and average factor cost does not change. For monopsony and other firms with market control, marginal factor cost is greater than average factor cost, and average factor cost rises.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Most human beings have an almost infinite capacity for taking things for granted. " -- Aldous Huxley, writer
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EJ
Economic Journal
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