|
|
VALUE IN USE: The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.
Visit the GLOSS*arama
|
|
|
|
|
AVERAGE FACTOR COST, PERFECT COMPETITION Total factor cost per unit of factor input employed by a perfectly competitive firm 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.
Complete Entry | Visit the WEB*pedia |
|
|
ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for mail order catalogs with hidden messages.
Your Complete Scope
This isn't me! What am I?
|
|
|
On a typical day, the United States Mint produces over $1 million worth of dimes.
|
|
|
"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
|
|
DVP
Discounted Present Value
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
