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SHERMAN ACT: The first antitrust law passed in the United States in 1890 that outlawed monopoly or any attempts to monopolize a market. This was one of three major antitrust laws passed in the late 1800s and early 1900s. The other two were the Clayton Act and the Federal Trade Commission Act. The Sherman Act was successfully used to break up several noted monopolies in the early 1900s, including the Standard Oil Trust in 1911. However, it was flawed by (1) vague wording that allowed wide interpretation (especially based on political influence) and (2) the lack of an effective means of enforcement other than an extended journey through the court system. These two flaws led to the Federal Trade Commission Act and Clayton Act, both passed in 1914. Although other laws have been passed, the Sherman Act remains the cornerstone of antitrust laws in the United States.
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AVERAGE FACTOR COST Total factor cost per unit of factor input employed by a 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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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for broken fingernail clippers.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on." -- Samuel Goldwyn, Film executive
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Exports;Marks the Spot
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