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OIKONOMOS: This rather strange word is a greek term meaning "household manager" or "household steward" that gave rise to the modern term economy and the whole range of related terms, including economic, economics, economist, and economize. Ironically there are those who use economics less with the goal of providing "stewardship" of the economy and more focused on the goal of extracting maximum personal gain.
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MARGINAL FACTOR COST The change in total factor cost resulting from a change in the quantity of factor input employed by a firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for the happiest person in the room.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"How wonderful it is that nobody need wait a single moment before starting to improve the world." -- Anne Frank
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AER
American Economic Review
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