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LONG RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable.

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Lesson 13: The Firm | Unit 1: Introduction Page: 4 of 24

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  • The difference between a FACTORY and a FIRM:

  • First, let me reiterate that a firm is an organization used by entrepreneurship to combine the resources used to produce goods.

  • Second, let me examine the term factory.

  • A factory is the building and equipment (the physical capital) at a particular location used for the production of goods and services.
  • A factory, also termed plant, is the capital, the physical presence, used by a firm for actual production.

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MARGINAL FACTOR COST CURVE

A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for mail order catalogs with hidden messages.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. "

-- Peter Marshall, US Senate chaplain

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