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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 9: Macro Basics | Unit 1: The Macroeconomy Page: 3 of 16

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  • The basic definition of an economy, which is an interactive system of production, distribution, and consumption of resources, goods and services.
  • The four macroeconomic sectors of and their expenditures on total production: (a) the household sector and consumption, (b) the business sector and investment, (c) the government sector and government purchases, and (d) the foreign sector and net exports.
  • The primary economic functions of the household sector, which is consumption, the business sector, which is production, and the government sector, which is regulating economic activity.
  • The difference between microeconomics, the study of the parts of the economy, and macroeconomics, the study of the aggregate economy.


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AVERAGE-MARGINAL RELATION

A mathematical connection between a marginal value and the corresponding average value stating that the change in the average value depends on a comparison between the average and the marginal. This mathematical relation between average and marginal surfaces throughout the study of economics, especially production (average product and marginal product), cost (average total cost and marginal cost), and revenue (average revenue and marginal revenue). A similar relation is that between a total value and the corresponding marginal value.

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Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a computer that can play music and burn CDs or a T-shirt commemorating last Friday (you know why). Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"Whenever you fall, pick up something. "

-- Oswald Avery, scientist

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