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TOTAL FACTOR COST, MONOPSONY: The opportunity cost incurred by a monopsony when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. For monopsony, the price paid increases with the quantity purchased and total factor cost increases at an increasing rate. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.
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BALANCE ON MERCHANDISE TRADE A subset of the balance of payments current account that records the difference between the payments received for exports of goods to other nations and the payments made for the imports of goods from other nations. The goods included are physical or tangible goods, but not intangible services. The balance on merchandise trade is thus appropriately divided into merchandise exported and merchandise imported. Two other subsets of the current account include the balance on services and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Just as iron rusts from disuse, even so does inaction spoil the intellect. " -- Leonardo da Vinci, architect, artist
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NLS
National Longitudinal Survey
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