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OWNER OCCUPIED: A building or residence (especially a house) that is occupied or lived in by those who have legal ownership. The direct contrast to owner occupied is a rental unit. This term tends to surface most often in the study of economics when calculating Gross Domestic Product (GDP). In particular, the estimated rent on owner-occupied housing is calculated by the folks at the Bureau of Economic Analysis and included in value of GDP.
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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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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for rusty deck screws.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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FOMC
Federal Open Market Committee
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