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July 18, 2025 

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TFC: The abbreviation for total fixed cost, which is cost of production that does NOT change with changes in the quantity of output produced by a firm in the short run. Total fixed cost is one part of total cost. The other is total variable cost. At any and all levels of output, fixed cost is the same. It doesn't change. This includes cost that is not dependent on, or unrelated to, production. The best way to identify fixed cost is to produce zero output. Fixed cost is incurred whether or not any output is produced. A cost measure directly related to total fixed cost is average fixed cost.

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EUROPEAN SYSTEM OF CENTRAL BANKS: The consolidation of the central banks of the member nations of the European Union, together with the European Central Bank, to oversee monetary policy. A major aspect of the Economic and Monetary Union has been coordinate the actions of distinct, independent nations under a single authority, which could probably not be achieved without the European System of Central Banks. The European System of Central Banks is comparable to the Federal Reserve System of the United States.

     See also | European Union | Economic and Monetary Union | euro | Maastricht Treaty | monetary policy | Euro zone | Federal Reserve System | European Commission |


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CURRENT ACCOUNT, BALANCE OF PAYMENTS

A subset of the balance of payments accounts that tracks the flow of currency and other monetary assets in exchange for trade between one nation and other nations. It includes payments for imports and exports of both goods and services. It also includes monetary gifts or transfer payments to and from other nations. The current account is divided into three categories -- balance on merchandise trade, balance on services, and unilateral transfers. This is one of two primary subsets of the balance of payments. The other is the capital account. A deficit or surplus in the current account is matched by an opposite surplus deficit in the capital account.

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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for telephone calls from long-lost relatives.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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