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NET FOREIGN FACTOR INCOME: The difference between factor payments received from the foreign sector by domestic citizens and factor payments made to foreign citizens for domestic production. Net foreign factor income, abbreviated NFFI, is the key difference between gross DOMESTIC product and gross NATIONAL product in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. It is also an important difference between national income (the resource cost of production) and gross/net domestic product (the market value of production).
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SHUTDOWN RULE A rule stating that a firm minimizes economic loss by producing no output in the short run if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is less than average total cost but greater than average variable cost).
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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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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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, philosopher
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OECD
Organization for Economic Co-operation and Development
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