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ECONOMIC COST: Another term for opportunity cost (the highest valued alternative foregone in the pursuit of an activity) that is used in the study of economics to indicate the fundamental role opportunity cost plays in economics. The value expressed in terms of satisfaction of the foregone activity is your opportunity cost. Because there are usually several alternatives that aren't pursued, opportunity cost is the highest-valued one. An opportunity cost is sometimes compensated with some form of payment, like a wage. However, the existence of an opportunity cost is independent of any actual cash outlay.
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AVERAGE FACTOR COST, MONOPSONY Total factor cost per unit of factor input employed by a monopsony in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at an auction hoping to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"I don't know the key to success, but the key to failure is trying to please everybody. " -- Bill Cosby
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WE
Walrasian Equilibrium
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