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BANK FOR INTERNATIONAL SETTLEMENTS: The Bank for International Settlements (BIS) is an international organization which fosters cooperation among central banks and other agencies in pursuit of monetary and financial stability. Established in 1930, the BIS is the world's oldest international financial organization. The head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong, China and in Mexico City. As its customers are central banks, the BIS cannot accept deposits from, or provide financial services to, private individuals or corporate entities.

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AVERAGE FACTOR COST CURVE

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for slow moving vehicles with darkened windows.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"Progress begins with the belief that what is necessary is possible. "

-- Norman Cousins, editor, writer

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