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April 25, 2018 

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BALANCE SHEET: A statement of the assets, liabilities, and net worth of a company at a given point in time. The basic relationship illustrated by a balanced sheet is that assets minus liabilities are equal to net worth. Or alternatively, assets are equal to liabilities plus net worth. This is one of two financial statements for an entity. The other is an income statement, which reports the revenues, expenses, and profit over a period of time.

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JUST PRICE: A somewhat archaic term developed by St. Thomas Aquinas that the price of a good should equal the worth generally agreed to by society. This is based on a notion of justice and fairness that goods should only be exchange for something of equal value or worth. For example, if ice cream readily sells for a dollar a scoop throughout the city, but one vendor charges two dollars, then this higher price would not be considered a just price. This view of a just price is relies on the view that each good has an intrinsic value which is inconsistent with modern views of markets, prices, and subjective values.

     See also | price | second rule of subjectivity | market | demand price | supply price |


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JUST PRICE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: April 25, 2018].


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AVERAGE FACTOR COST, PERFECT COMPETITION

Total factor cost per unit of factor input employed by a perfectly competitive 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 at a dollar discount store hoping to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for infected paper cuts.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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