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POLLUTION: Any waste that imposes an opportunity cost when it's returned to the natural environment. Pollution is one of the more prevalent examples of an externality cost and market failure. Examples include, but by no means are limited to, car exhaust, municipal sewage, industrial waste, and agricultural chemical runoff from farms. Pollution waste can be classified as degradable, persistent, or nondegradable, depending on how easily it can be broken down into nonharmful form by the natural environment. Pollution problems can never be eliminated, but they can be handled with efficiency if the amount of pollution is such that the cost of damages is the same as the cost of cleanup.
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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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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for attractive cable television service repair people.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Look at everything as though you were seeing it either for the first or last time. Then your time on earth will be filled with glory." -- Betty Smith, Novelist
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CPI-U
Consumer Price Index-All Urban Consumers
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