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AFC: The abbreviation for average fixed cost, which is fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. Average fixed cost is one of three related cost averages. The other two are average variable cost and avarage total cost. Average fixed cost decreases with larger quantities of output. Because fixed cost is FIXED and does not change with the quantity of output, a given cost is spread more thinly per unit as quantity increases. A thousand dollars of fixed cost averages out to $10 per unit if only 100 units are produced. But if 10,000 units are produced, then the average shrinks to a mere 10 cents per unit.
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GOLDSMITH BANKING An analysis of banking functions based on the semi-realistic activities of the goldsmith profession of Medieval Europe. Because the gold used a production inputs by goldsmiths was also used as money, they developed many modern banking functions, including maintaining deposits, making loans, keeping reserves, and creating money. While the story of goldsmith banking is often embellished for instructional purposes, it does contain the essence of how goldsmiths operated as banks.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"To succeed you need to find something to hold on to, something to motivate you, something to inspire you." -- Tony Dorsett, Football player
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CBOE
Chicago Board Options Exchange
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