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TOTAL FACTOR COST, PERFECT COMPETITION: The opportunity cost incurred by a perfectly competitive firm when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. For a perfectly competitive firm, the price paid is constant and total factor cost increases at a constant rate. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.
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Lesson 3: Scarcity | Unit 2: Resources
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Page: 4 of 17
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Factors of production, productive factors, or resources are the 'stuff' used to create wants-and-needs-satisfying goods. Economists have four official groups, or categories, for our resources, for our factors of production: - Labor: human effort, both physical and mental.
- Capital: machines, equipment, tools, and buildings.
- Land: raw materials or natural resources.
- Entrepreneurship: risk-taking organizers of production.
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PLANNED ECONOMY An economy, or economic system, that relies heavily on central planning by government to allocate resources and answer the three basic questions of allocation. A planned economy is often a type of command economy, in which government uses its coercive powers to implement central planning allocation decisions.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for mail order catalogs with hidden messages.
Your Complete Scope
This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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LAD
Least Absolute Deviations
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