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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.
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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.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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ISMA
International Securities Market Association
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