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OPPORTUNITY COST: The highest valued alternative foregone in the pursuit of an activity. This is a hallmark of anything dealing with economics--and life for that matter--because any action that you take prevents you from doing something else. The ultimate source of opportunity cost is the pervasive problem of scarcity (unlimited wants and needs, but limited resources). Whenever limited resources are used to satisfy one want or need, there are an unlimited number of other wants and needs that remain unsatisfied. Herein lies the essence of opportunity cost. Doing one thing prevents doing another.
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MARGINAL FACTOR COST The change in total factor cost resulting from a change in the quantity of factor input employed by a firm. 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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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Learning is not compulsory, but neither is survival. " -- W. Edwards Deming, management consultant
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ARCH
Autoregressive Conditional Heteroskedasticity
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