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BUSINESS: A profit-motivated organization that combines resources for the production and supply of goods and services. The term business is often used synonymously with the term firm. If there is any difference, and a subtle difference at that, the term business usually refers to a productive organization that is privately owned and motivated by the pursuit of profit. A firm, in contrast, could also refer to nonprofit and/or publicly controlled productive organizations. But this distinction is quite subtle and for most economic analyses the terms firm and business are used interchangeably. Profit-motivated businesses are organized as either a proprietorship (1 owner) with unlimited liability, a partnership (2 or more equal owners) with unlimited liability, or a corporation that issues limited liability stock ownership shares.
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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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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for crowded shopping malls.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Anyone who has never made a mistake has never tried anything new. " -- Albert Einstein, physicist
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ACH
Automated Clearinghouse
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