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January 21, 2017 

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MARKET DEMAND: The total demand of every individual willing and able to buy a good. Market demand is found by combining the individual demands of everyone willing and able to buy a particular good. The market demand curve is found by horizontally adding all individual demand curves, that is, sum up the quantities demanded by all buyers at each and every price. Market demand operates according to the law of demand, as illustrated by a downward-sloping market demand curve. For higher prices the quantity demanded by all buyers in the market combined is less than the quantity demanded for lower prices.

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ENTREPRENEURSHIP: One of the four basic categories of resources, or factors of production (the other three are labor, capital, and land). Entrepreneurship is a special sort of human effort that takes on the risk of bringing labor, capital, and land together and organizing production.

     See also | factors of production | resources | labor | capital | land | risk | production | Smith, Adam | invisible hand | efficiency | profit | incentive | economic growth | living standard | economic profit | normal profit |


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ENTREPRENEURSHIP, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2017. [Accessed: January 21, 2017].


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AVERAGE FACTOR COST

Total factor cost per unit of factor input employed by a firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

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APLS

State of the ECONOMY

Median weekly earnings
Third Quarter 2016
$827 / week
Up $24 from 3rd Qtr. 2015

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for celebrities who speak directly to you through your television.
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The average bank teller loses about $250 every year.
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