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SLOPE, PRODUCTION POSSIBILITIES CURVE: The numerical value of the slope of the production possibilities curve is the opportunity cost of producing the good measured on the horizontal axis.
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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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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for defective microphones.
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The average bank teller loses about $250 every year.
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"Never let the fear of striking out get in your way. " -- Babe Ruth
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PPF
Production Possibilities Frontier
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