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MARKET SOCIALISM: A type of economy based on--(1) government, rather than individual, ownership of many resources, especially those like heavy manufacturing, energy reserves, widely used raw materials (lumber, steel), and transportation systems, that are deemed critical to the operation of the economy; (2) answering three questions of allocation with a combination of central planning by government and decentralized decision-making by individual factories and the owners of non-critical resources; (3) the limited use of markets to exchange farm products and retail consumer goods; (4) economic and monetary incentives, such as bonus, paid to the workers of government-owned facilities to encourage efficiency and increased productivity.
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TOTAL FIXED COST Cost of production that does NOT change with changes in the quantity of output produced by a firm in the short run. Total fixed cost is one part of total cost. The other is total variable cost. At any and all levels of output, fixed cost is the same. It includes cost that is not dependent on, or is unrelated to, production. The best way to identify fixed cost is to produce zero output. Fixed cost is incurred whether or not any output is produced. A cost measure directly related to total fixed cost is average fixed cost.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Democracy is based on the conviction that man has the moral and intellectual capacity . . . to govern himself with reason and justice. " -- Harry Truman, 33rd U.S. president
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NSE
Nagoya Stock Exchange (Japan)
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