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FACTORY: The building and equipment (the physical capital) at a particular location used for the production of goods and services. A factory often takes the form of the conventional assembly-line system, but it need not. As the building and equipment used for production, a factory can also be restaurant, doctor's office, or university classroom. Moreover, while a factory is often associated with the notion of firm or business, they need not be one and the same. A firm can, often does, own more than one factory and a factory can be owned by more than one firm.
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PERFECT COMPETITION, LONG-RUN PRODUCTION ANALYSIS In the long run, a perfectly competitive firm adjusts plant size, or the quantity of capital, to maximize long-run profit. In addition, the entry and exit of firms into and out of a perfectly competitive market guarantees that each perfectly competitive firm earns nothing more or less than a normal profit. As a perfectly competitive industry reacts to changes in demand, it traces out positive, negative, or horizontal long-run supply curve due to increasing, decreasing, or constant cost.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for celebrities who speak directly to you through your television.
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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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"The true idealist pursues what his heart says is right in a way that his head says will work. " -- Richard Nixon, 37th US president
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