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TOTAL FACTOR COST: The opportunity cost incurred when using a given factor of production to produce a good or service. Total factor cost should be compared with the related term, total cost. Total factor cost is the cost of using a specific factor, total cost is the cost of all factors of production. Total factor cost is predominately used in the analysis of the factor market.
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GRAY SKITTERY
Your compete MICRO*scope for today
You are the type of person who has trouble making decisions and choosing from among the seemingly infinite number of options that you perpetually face. Family and friends refuse to play any games with you that require making choices or decisions. Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for small children selling products door-to-door. You should consider shopping at stores or businesses beginning with the letter G, but do not buy any products with a serial number or product code containing the number 929016. Your preferred shopping venue is mail order catalogs. Your special symbol is the question mark (?).
Is this You?
As a Gray Skittery, you are ambivalent, indecisive, and uncertain. You are in a constant struggle between the forces of demand and supply, production and consumption, good and evil... and you're losing the battle. You have trouble making decisions and choosing from among the seemingly infinite number of options that you perpetually face. Your shopping experiences are inevitably confusing.
This isn't me! What am I?
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AVERAGE PRODUCT CURVE A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.
Complete Entry | Visit the WEB*pedia |
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Taking A Ride On TRANSPORTATION INFRASTRUCTUREOur pedestrian excursion gives us a ground-level view of the economy, but it's certainly slow and time-consuming. If you're like me, you've probably thought once or twice about jumping into an Omni Motors XL GT 9000 sports coupe to speed us along the way. Or perhaps an Omni Airlines 30-day tourist excursion would make our trip faster and less exhausting. That's one nice thing about modern transportation, it's pretty quick and not too expensive. It also helps us get a whole lot closer to solving the unsolvable problem of scarcity. However, for a really good pedestrian view of transportation and how it helps us along, we'd better remain on foot.
Tell me more...
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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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"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think." -- Horace, Ancient Roman poet
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AASB
American Assocation of Small Business
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