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NATURAL UNEMPLOYMENT RATE: The rate of unemployment that occurs when the economy is at full employment. This rate is primarily composed of frictional and structural unemployment.
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AVERAGE FACTOR COST, PERFECT COMPETITION Total factor cost per unit of factor input employed by a perfectly competitive 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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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"We may affirm absolutely that nothing great in the world has been accomplished without passion." -- Hegel
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OBX
Oslo Stock Exchange (Norway)
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