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SMITH, ADAM: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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TOTAL FACTOR COST CURVE A curve that graphically represents the relation between total factor cost incurred by a firm when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve. Two related factor cost curves are average factor cost curve and marginal factor cost curve.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"The only profit center is the customer." -- Peter Drucker, educator
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AEC
Annual Equivalent Costs
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