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MARGINAL FACTOR COST: The change in total factor cost resulting from a change in the quantity of factor input, found by dividing the change in total factor cost by the change in quantity of factor input. Marginal factor cost, abbreviated MFC, indicates how a firm's total factor cost is affected by hiring one more or one fewer worker. Two related concepts are total factor cost and average factor cost.

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Lesson 12: Business Cycles | Unit 1: Instability Page: 5 of 26

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  • The natural tendency for the economy to expand and contract.
  • Business cycles, which are irregular, nonperiodic fluctuations in aggregate economic activity.
  • The Great Depression, the worst economic period in this century.
  • Expansionary good times that mean more production and rising living standards, but also inflation and inefficiency problems.
  • Contractionary bad times that mean unemployment, less production, lower profits, bankruptcies, and social problems, but also lower inflation and more efficiency resource allocation.

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COMMUNISM

In theory, an economy, or economic system, based on--(1) a classless society, where everyone does their best to contribute to the common good, (2) common, rather than individual, ownership of all resources, (3) the complete disappearance of government, and (4) income allocated based entirely on need rather than on resource ownership or contribution to production. In practice, communism is a type of command economy based on--(1) government ownership and control of most resources, goods, and other assets and (2) excruciatingly detailed central planning by government.

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APLS

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Today, you are likely to spend a great deal of time at a garage sale trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for small children selling products door-to-door.
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The average bank teller loses about $250 every year.
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

-- Steve Jobs, Apple Computer founder

CEEC
Council for European Economic Cooperation
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