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VALUE IN USE: The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.
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TOTAL FIXED COST CURVE A curve that graphically represents the relation between total fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between total fixed cost and the level of output, holding other variables, like technology and resource prices, constant. Because total fixed cost are, in fact, fixed, the total fixed cost curve is, in fact, a horizontal line. The total fixed cost curve is one of three total cost curves, the other two are total cost curve and total variable cost curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for celebrities who speak directly to you through your television.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Success is more a function of consistent common sense than it is of genius. " -- An Wang, industrialist
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TIFFE
Tokyo International Financial Futures Exchange (Japan)
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