|
|
MARKET-ORIENTED ECONOMY: A mixed economy that relies heavily on markets to answer the three basic questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, market-oriented economy is much more descriptive of how the economy is structure.
Visit the GLOSS*arama
|
|

|
|
|
MARGINAL FACTOR COST CURVE A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.
Complete Entry | Visit the WEB*pedia |


|
|
|
In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
|
|
|
"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
|
|
FAO Food and Agricultural Organization
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|