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MARGINAL FACTOR COST: The change in total factor cost resulting from a change in the quantity of factor input, found by dividing the change in total factor cost by the change in quantity of factor input. Marginal factor cost, abbreviated MFC, indicates how a firm's total factor cost is affected by hiring one more or one fewer worker. Two related concepts are total factor cost and average factor cost.
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BUSINESS CYCLES The recurring, but irregular, expansions and contractions of economic activity in the macroeconomy. While business cycles are frequently measured by real gross domestic product, they show up in many aggregate measures of economic activity, including the unemployment rate, the inflation rate, consumption expenditures, and tax collections, to name just a few. The study of macroeconomics is largely the study of business cycles. Macroeconomic theories seek to understand business cycles and macroeconomic policies seek to correct the problems of business cycles.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for strangers with large satchels of used undergarments.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"A leader is most successful when people barely know he exists. When his work is done, his aim fulfilled, his troops will feel they did it themselves. " -- Lao-Tzu, philosopher
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SSRN
Social Science Research Network
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