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April 16, 2026 

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Y-AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the "vertical axis" that runs up and down.

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TOTAL FACTOR COST, PERFECT COMPETITION

The opportunity cost incurred by a perfectly competitive firm when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. For a perfectly competitive firm, the price paid is constant and total factor cost increases at a constant rate. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.

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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for crowded shopping malls.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Divide each difficulty into as many parts as is feasible and necessary to resolve it."

-- Rene Descartes

BIF
Bank Insurance Fund
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