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INSTRUMENT: Another term for a financial or legal claim on the physical goods, services, and resources of real side of the economy. Instruments are the means by which income is diverted between household, business, and government sectors. Common instruments are corporate stocks, government bonds, and paper currency.
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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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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for a thesaurus filled with typos.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Act well at the moment, and you have performed a good action for all eternity." -- Johann Kaspar Lavater
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ACRS
Accelerated Cost Recovery System
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