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CAUSE AND EFFECT: The notion that every event in the universe is the direct result of a preceding event. The purpose of the scientific method is to identify these cause-and-effect relationships. This pursuit is based on a simple point of view: everything happens for a reason, something causes an event to happen. For every action there is a consequence. And for every consequence there is a cause.

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RESOURCES: The labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Land provides the basic raw materials--vegetation, animals, minerals, fossil fuels--that are inputs into the production of goods (natural resources). Labor is the resource that does the "hands on" work of transforming raw materials into goods. Capital is the comprehensive term for the vast array of tools, equipment, buildings, and vehicles used in production. Entrepreneurship is the resource that undertakes the risk of bringing the other resources together and initiating the production process.

     See also | factors of production | labor | capital | land | entrepreneurship | risk | natural resources | scarcity | opportunity cost | satisfaction | production | consumption | goods | services | wants and needs | limited resources | unlimited wants and needs | scarce | scarce resource | scarce good | free resource | free good |


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AVERAGE FACTOR COST, MONOPSONY

Total factor cost per unit of factor input employed by a monopsony 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 crowded estate auction looking to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for high interest rates.
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In the early 1900s around 300 automobile companies operated in the United States.
"In war, there is no second prize for the runner-up."

-- Omar Bradley, US Army general

AACCLA
Association of American Chambers of Commerce in Latin America
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