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CAPITALISM: A type of economy based on -- (1) private ownership of most resources, goods, and other stuff (private property); (2) freedom to generally use the privately-owned resources, goods, and other stuff to get the most wages, rent, interest, and profit possible; and (3) a system of relatively competitive markets. While government establishes the legal "rules of the game" for capitalism and provides assorted public goods, like national defense, education, and infrastructure, most production, consumption, and resource allocation decisions are left up to individual businesses and consumers. The term capitalism is derived from the notion that capital goods are under private, rather than government, ownership (compare communism, socialism.
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AVERAGE FACTOR COST, MONOPSONY Total factor cost per unit of factor input employed by a monopsony 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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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Opportunities are usually disguised as hard work, so most people don't recognize them." -- Ann Landers, columnist
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ECU
European Currency Unit
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