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February 25, 2024 

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PER UNIT TAX: A tax that is specified as a fixed amount for each unit of a good sold. Federal excise taxes on gasoline and cigarettes fall into this per unit tax category.

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FACTOR PRICE: The price paid for and received by the services of factor of productions (labor, capital, land, and entrepreneurship) when exchange through factor markets. Like prices in other markets, factor price adjusts to balance the forces of demand and supply. For factor demand and the factor demand curve, the factor price is negatively related to the quantity of factor services demanded. For factor supply and the factor supply curve, factor price is positively related to the quantity of factor services supplied. The key factor prices are wage rates, interest rates, rents, and profits. The rigidity or inflexibility of factor prices is an important aspect of the macroeconomic study of the short-run aggregate market.

     See also | wage | interest | rent | profit | labor | capital | land | entrepreneurship | factor price | factor demand | factor supply | factor markets | factors of production | circular flow | business sector | household sector | national income |


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FACTOR PRICE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: February 25, 2024].


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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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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for deranged pelicans.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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AFC
Average Fixed Cost
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