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MEDIATION: Intervention by an impartial third party to settle disputes between two others. The actions of this third party--the mediator--are not legally binding. Mediators are frequently used in collective bargaining negotiations when unions and their employers have reached an impasse. Mediators help both sides work out a satisfactory agreement. But neither side is legally compelled to follow the mediator's advice.
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AVERAGE FACTOR COST Total factor cost per unit of factor input employed by a 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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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"When the solution is simple, God is answering." -- Albert Einstein
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ALAC
Latin American Free Trade Area
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