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JOINT VENTURE: An activity undertaken by two or more entities in which each entity has some degree of control. Joint ventures are commonly undertaken by two or more business firms, allowing each firm to participate in the benefits of the venture without the loss of control that would come from a formal merger of the firms. For example, a bank and a computer company might undertake a joint venture to develop a computerized, online payment system. Joint ventures are usually risky activities and often related to the development of new technology.
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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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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for mail order catalogs with hidden messages.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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SCF
Survey of Consumer Finances
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