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November 23, 2020 

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WEALTH: The net ownership of material possessions and productive resources. In other words, the difference between physical and financial assets that you own and the liabilities that you owe. Wealth includes all of the tangible consumer stuff that you possess, like cars, houses, clothes, jewelry, etc.; any financial assets, like stocks, bonds, bank accounts, that you lay claim to; and your ownership of resources, including labor, capital, and natural resources. Of course, you must deduct any debts you owe.

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UNEMPLOYED PERSONS: People who are NOT actively engaged in the production of goods and services, but ARE actively seeking employment in the production of goods and services. This is one of three official categories used to classify individuals by the Bureau of Labor Statistics (BLS) based on information obtained from the Current Population Survey. The other two categories are employed persons and not in the labor force. The sum of employed persons and unemployed persons constitute the civilian labor force. While the general notion of unemployed persons is people who are willing and able to work, but not working, the BLS has specific criteria designed to capture unemployment.

     See also | employed persons | not in the labor force | unemployment | labor | unemployment rate | Bureau of Labor Statistics | Current Population Survey | civilian labor force | labor force | unemployed | job losers | job leavers |


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UNEMPLOYED PERSONS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: November 23, 2020].


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MARGINAL FACTOR COST, PERFECT COMPETITION

The change in total factor cost resulting from a change in the quantity of factor input employed by a perfectly competitive firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials looking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for attractive cable television service repair people.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"You are younger today than you will ever be again. Make use of it for the sake of tomorrow. "

-- Norman Cousins, editor

LRMC
Long Run Marginal Cost
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