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SPATIAL: A modifying term used to indicate a connection or relation to space, and by inference the study of urban and regional economics, as suggested by the term spatial differentiation (which means differences in the concentration of economic activity across space). This term is commonly used to make people some exceedingly intelligent by asking questions like "Did you consider spatial factors in your analysis?" However, in so doing be careful that the word is pronounced "spatial", not "special." This just confuses the situation.
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AVERAGE FACTOR COST Total factor cost per unit of factor input employed by a firm 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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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for small children selling products door-to-door.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"I feel sorry for the person who canžt get genuinely excited about his work. Not only will he never be satisfied, but he will never achieve anything worthwhile. " -- Walter Chrysler, automaker
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AACT
American Assocation of Commodity Traders
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