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RECYCLING: The use or reuse of previously extracted materials, waste products, or finished goods as inputs in the production process rather than using newly extracted natural resources. Recycling is one method of controlling pollution. Many types of resources are commonly recycled. For consumers, aluminum and newspapers are commonly recycled products. Producers frequently recycle steel and iron. In these cases, recycled materials augment the market supply. They also prevent the return of residuals to the environment.
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AVERAGE TOTAL COST Total cost per unit of output, found by dividing total cost by the quantity of output. When compared with price (per unit revenue), average total cost (ATC) indicates the per unit profitability of a profit-maximizing firm. Average total cost is one of three average cost concepts important to short-run production analysis. The other two are average fixed cost and average variable cost. A related concept is marginal cost.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Use, do not abuse; neither abstinence nor excess ever renders man happy." -- Voltaire, philosopher
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FGLS
Feasible Generalized Least Squares
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