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VERIFIED PRINCIPLE: A generally accepted, verified, fundamental law of nature that has been tested against and verified with real world data. A verified principle begins as an hypotheses implied by a theory, which is then compared against real world observations. If the hypothesis is consistently supported by data, it achieves the rank "verified" principle. This should be contrasted with unverifiable axiom.
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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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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"In a restless, creative business with an emphasis on experiment and development, ideas are the lifeblood." -- Richard Branson, Virgin Group founder
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AACP
American Assocation of Commercial Publications
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