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UNILATERAL: An action, often used in terms of an international trade agreement, that's extended to only one party. For example, the United States might enter into a unilateral agreement with Canada over the employment of Canadian hockey players in the United States. The agreement, though, would have nothing to do with U. S. hockey players in Canada.
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MARGINAL FACTOR COST CURVE A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.
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Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for celebrities who speak directly to you through your television.
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John Maynard Keynes was born the same year Karl Marx died.
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"Few things can help an individual more than to place responsibility on him, and to let him know that you trust him. " -- Booker T. Washington, educator
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