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SHORT-RUN PRODUCTION ALTERNATIVES: A firm faces three production options in the short run based on a comparison between price, average total cost, and average variable cost. If price is greater than average total cost, a firm earns an economic profit by producing the quantity that equates marginal revenue with marginal cost. If price is less than average total cost but greater than average variable cost, a firm incurs an economic loss, but produces the quantity that equates marginal revenue with marginal cost. If price is less than average variable cost, a firm shuts down production in the short run, incurring an economic loss equal to total fixed cost.
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LABOR The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"There is at least one point in the history of any company when you have to change dramatically to rise to the next level of performance. Miss that moment, and you start to decline. " -- Andy Grove, Intel Corp. chairman
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CFTC
Commodities and Futures Trading Commission (US)
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