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July 18, 2018 

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OIKONOMOS: This rather strange word is a greek term meaning "household manager" or "household steward" that gave rise to the modern term economy and the whole range of related terms, including economic, economics, economist, and economize. Ironically there are those who use economics less with the goal of providing "stewardship" of the economy and more focused on the goal of extracting maximum personal gain.

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MONOPSONY: A market characterized by a single buyer of a product. Monopsony is the buying-side equivalent of a selling-side monopoly. Much as a monopoly is the only seller in a market, monopsony is the only buyer. While monopsony could be analyzed for any type of market it tends to be most relevant for factor markets in which a single firm is the only buyer of a factor.

     See also | factor markets | monopoly | bilateral monopoly | price maker | efficiency | allocation | monopsony and efficiency |


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MONOPSONY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: July 18, 2018].


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AVERAGE FIXED COST CURVE

A curve that graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average fixed cost and the level of output, holding other variables, like technology and resource prices, constant. The average fixed cost curve is one of three average curves. The other two are average total cost curve and average variable cost curve. A related curve is the marginal cost curve.

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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for telephone calls from long-lost relatives.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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