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MARGINAL FACTOR COST CURVE: A curve that graphically represents the relation between factor quantity and the marginal factor cost incurred by a firm for buying or hiring a factor of production. Marginal factor cost curve indicates how a firm's total factor cost is affected by hiring one more or one fewer worker. This curve is constructed to capture the relation between marginal factor cost and the factor quantity, holding other variables constant.
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ECONOMIC GROWTH, SOURCES Economic growth, the process of increasing the economy's ability to produce goods and services, can be achieved by increasing the quantity or quality of resources. The quantity option can include increases in the quantities of labor, capital, land, or entrepreneurship. The quality option primarily includes improvements in technology and human capital.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Nothing ever built arose to touch the skies unless some man dreamed that it should, some man believed that it could, and some man willed that it must. " -- Charles Kettering, inventor
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IS-LM
Investment/Saving-Liquidity/Money
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