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WORKERS' COMPENSATION: A government-run insurance program that provides benefits to workers injured on the job. Funding for these benefits come from premiums paid by employers. The federal government mandates the program, but it's administered by each of the states. This creates a great deal of diversity, with some states having good benefits and high premiums (sort of pro labor), while others have lousy benefits and low premiums (pro business). In addition to differences among states, premiums also differ based on a business's historical record of accidents. Those companies with a higher number of industrial accidents pay more in premiums than those with fewer accidents.
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AVERAGE TOTAL COST CURVE A curve that graphically represents the relation between average total cost incurred by a firm in the short-run product of a good or service and the quantity produced. The average total cost curve is constructed to capture the relation between average total cost and the level of output, holding other variables, like technology and resource prices, constant. The average total cost curve is one of three average curves. The other two are average variable cost curve and average fixed cost curve. A related curve is the marginal cost curve.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for slow moving vehicles with darkened windows.
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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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"Argue for your limitations, and sure enough, they're yours." -- Richard Bach
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NYFE
New York Futures Exchange
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