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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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PRIVATE SECTOR The combination of households and businesses into a single group. It is termed the private sector to indicate that decisions are made by private individuals (either consumers or producers) in pursuit of their personal self-interests. The contrasting phrase is public sector, in which decisions are made by governments on behalf of the public.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for crowded shopping malls.
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The average bank teller loses about $250 every year.
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"Whenever you fall, pick up something. " -- Oswald Avery, scientist
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