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TOTAL FACTOR COST, MONOPSONY: The opportunity cost incurred by a monopsony when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. For monopsony, the price paid increases with the quantity purchased and total factor cost increases at an increasing rate. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.

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MERIT GOOD: A good that society, usually government, deems is undervalued by consumers in normal market exchanges. As such, governments typically promote the consumption of merit goods through policies such as price subsidies or direct government provision. Merit goods are often quasi-public goods or have externality by-products. Examples include education and health care. The counter type of good is a demerit good.

     See also | good | good types | externalities | near-public good | quasi-public good | by-product | government functions | demerit good | voluntary exchange |


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HYPOTHESIS

A reasonable proposition about the workings of the world that is inspired or implied by a theory and which may or may not be true. A hypothesis is essentially a prediction made by a theory that can be compared with observations in the real world. A hypothesis usually takes the form: "If A, then also B." The essence of the scientific method is to test, or verify, hypotheses against real world data. If supported by data over and over again, a hypothesis becomes a principle.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for telephone calls from former employers.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"The greatest things ever done on Earth have been done little by little. "

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