Google
Wednesday 
July 9, 2025 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
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.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 5: Market Demand | Unit 5: Scarcity Page: 19 of 20

Topic: Unlimited Wants <=PAGE BACK | PAGE NEXT=>

Demand is closely related to the scarcity problem, especially unlimited wants and needs.
  • Scarcity arises because society has limited resources but unlimited wants and needs.
  • The connection between demand and scarcity is:
    • The demand side of the markets comes directly from the unlimited wants and needs side of the scarcity problem, and
    • The supply side of the market comes from the limited resources side of the scarcity problem.

Course Home | Lesson Menu | Page Back | Page Next

AMERICAN ECONOMIC ASSOCIATION

A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.

Complete Entry | Visit the WEB*pedia


APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for high interest rates.
Your Complete Scope

This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. "

-- Martin Luther King Jr., civil rights leader

IAB
Inter-American Bank
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2025 AmosWEB*LLC
Send comments or questions to: WebMaster