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March 29, 2024 

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DEPRECIATION, CURRENCY: The declining value of one currency, in terms of its ability to purchase goods and services. This is most often seen as a change in the exchange rate of the currency for the currencies of other nations.

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DURABILITY: One of four characteristics that enables an asset to better function as money. The other three are transportablity, divisibility, and non-counterfeitability. This characteristic means that the item used as money retains its phyhsical structure and institutional value. People are thus willing to accept the item as payment with the assurance that they can use it later to purchase another good -- without loss of value.

     See also | money characteristics | transportablity | divisibility | non-counterfeitability | money functions | money | medium of exchange |


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DURABILITY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 29, 2024].


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MARGINAL FACTOR COST, PERFECT COMPETITION

The change in total factor cost resulting from a change in the quantity of factor input employed by a perfectly competitive firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for deranged pelicans.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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