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June 29, 2022 

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UNEMPLOYMENT: The general condition in which resources are willing and able to produce goods and services but are not engaged in productive activities. While unemployment is most commonly thought of in terms of labor, any of the other factors of production (capital, land, and entrepreneurship) can be unemployed as well. The analysis of unemployment, especially labor unemployment, goes hand-in-hand with the study of macroeconomics that emerged from the Great Depression of the 1930s.

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FOREIGN: All economic activity that is "outside" the confines of a domestic economy. For the United States, this would be consumers, workers, businesses, and governments that lie beyond the U.S. national boundaries.

     See also | foreign sector | domestic | net exports | exports | imports | foreign exchange | balance of payments |


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FOREIGN, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: June 29, 2022].


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AVERAGE FACTOR COST CURVE

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for crowded shopping malls.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"Concentration is the secret of strength in politics, in war, in trade, in short in all management of human affairs. "

-- Ralph Waldo Emerson, philosopher, poet

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