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KEYNES, JOHN MAYNARD: A British economist (born--1883, died--1946) who is most noted for his work The General Theory of Employment, Interest, and Money, published 1936. The The General Theory revolutionized economic theory of the day, forming the foundation of Keynesian economics and creating the modern study of macroeconomics. Keynes was a well-known and highly respected economist prior to publication of The General Theory, however, this revolutionary work guaranteed Keynes a place as one of the most influential economists of all time.
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AVERAGE FACTOR COST, PERFECT COMPETITION Total factor cost per unit of factor input employed by a perfectly competitive firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for jovial bank tellers.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"Whenever an individual or a business decides that success has been attained, progress stops. " -- Thomas Watson Jr., IBM executive
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CAPM
Capital Asset Pricing Model
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