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ECONOMIST: A individual, usually a homo sapien, who has received extensive training in economic theories, applications, and analysis and whose primary employment involves the research, teaching, consulting, and other applications of this economic training. Many economists are employed by institutions of higher education for the expressed purpose of enlightening impressionable college students in the wily ways of economic analysis. Other economists are employed by government agencies -- federal, state, and local -- for the expressed purpose of applying economic analysis to important policy decisions.
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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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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for telephone calls from former employers.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
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AIBD
Association of International Bond Dealers (now called International Securities Market Association)
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