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December 12, 2018 

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DATA: Real world observations that are used to test or verify hypotheses. This is the key to the process of acquiring knowledge about the world using the scientific method. While theoretical speculation might indicate what we "think" the world is like, we don't know for sure until we compare our hypothesized view with the real world itself. Data is what adds empirical to empirical economic analysis.

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MACROECONOMIC SECTORS: The four aggregate sectors of the macroeconomy--household, business, government, and foreign--that reflect four key macroeconomic functions and are responsible for four expenditures on gross domestic product. These four sectors are the primary "actors" on the macroeconomic stage. Macroeconomic theories then explain macroeconomic phenomena by exploring the interaction among these four sectors.

     See also | household sector | business sector | government sector | foreign sector | macroeconomic markets | macroeconomic problems | macroeconomic theories | public sector | private sector | household sector | business sector | government sector | foreign sector | gross domestic product | consumption expenditures | investment expenditures | government purchases | net exports | regulation | profit | economy | proprietorship | partnership | corporation | production | tax | satisfaction | capital good | intermediate good | government functions | factors of production | risk | macroeconomics | macroeconomic goals | scarcity | satisfaction | wants | needs | government functions | circular flow | business cycles | economic system | capitalism | four estates |


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MACROECONOMIC SECTORS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 12, 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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