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MARGINAL FACTOR COST, MONOPSONY: The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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PARADOX OF THRIFT The notion that an increase in saving, which is generally good advice for an individual during bad economic times, can actually worsen the macroeconomy causing a reduction in aggregate income, production, and paradoxically a decrease in saving. The paradox of thrift is an example of the fallacy of composition stating that what is true for the part is not necessarily true for the whole.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for gnomes hiding in cypress trees.
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John Maynard Keynes was born the same year Karl Marx died.
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"My life as a writer consists of 1/8 talent and 7/8 discipline. " -- John Irving, writer
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WIPO
World Intellectual Property Organization
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