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TOTAL FACTOR COST: The opportunity cost incurred when using a given factor of production to produce a good or service. Total factor cost should be compared with the related term, total cost. Total factor cost is the cost of using a specific factor, total cost is the cost of all factors of production. Total factor cost is predominately used in the analysis of the factor market.
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AmosWEB is an Internet-based resource of economics information offered by AmosWEB LLC. AmosWEB LLC was established April 1, 2000 to publish economics information and instructional resources through the World Wide Web. At AmosWEB, we take economics seriously, but with a touch of whimsy. We recognize the importance of economics to our lives, careers, and citizenship, but we try to have a little fun with it along the way. On the one had... serious. On the other hand... whimsical. A balance much like that of demand and supply. AmosWEB began its Internet existence under the name AmosWORLD. (You might see AmosWEB listed as AmosWORLD in some search engines. AmosWorld.com is currently maintained by a talented artist named Amos Kmiec.) We have been providing economics information through the World Wide Web since the earliest days of the World Wide Web, when memory was measured in kilobytes, disks were floppy, and PPP was the primary way to get online. Over the years, we've provided economics information to students, instructors, and web surfers on six continents (we're still working on Antarctic). We have consistently ranked in the top 10 percent of all websites on the Internet (according to Rank.com). Our most popular resource is the AmosWEB GLOSS*arama, an extensive glossary of economics terms and concepts. We also offer the increasingly popular AmosWEB Encyclonomic WEB*pedia, and encyclopedia of economics. We're also very proud of the AmosWEB eTutor, a subscription service used by all sorts of students seeking a little extra help with their course work and the AmosWEB Programmed Learning System (A*PLS), an integrated online learning system designed for traditional classes, hybrid courses, and online distance learning. The principle author and content developer of AmosWEB is Orley M. Amos, PhD, a Professor of Economics at Oklahoma State University with a couple of decades of instructional experience. Assistance has been provided over the years by Antonio Avalos, PhD, an Assistant Professor of Economics at California State University, Fresno. AmosWEB LLC is presently based in Stillwater, Oklahoma with a branch office in Wichita, Kansas. Written correspondence concerning can be directed to AmosWEB, 1411 North Grandview Court, Stillwater, Oklahoma, 74075-6903. Email correspondence can be sent to AmosWEB WebMaster. |
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TERMS OF TRADE The rate at which goods are traded, either between individuals or between nations. It is the quantity of one good exchanged per unit of another good. The terms of trade is essentially the price. But the price is stated in terms of the quantity of another good. Like any market price, the terms of trade is based on what the buyers are willing to pay and what the sellers are willing to accept. The terms of trade between any two countries is based on the relative opportunity cost in each country.
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Scraping Up The POLLUTIONOne of Shady Valley's featured factories is Mona Mallard's Duct Tape Industries. It's the world's leading producer of duct tape -- that shiny, seemingly omnipresent, cloth-like tape that's used for everything EXCEPT ventilation ducts. Mona Mallard's Duct Tape Industries also employs thousands of voting, taxpaying Shady Valley residents. The amount of campaign money, legal and otherwise, contributed by Mona Mallard herself to Shady Valley politicians is, well, incalculable. All of this means that our little pedestrian exploration through the backlot dumping ground of Mona Mallard's Duct Tape Industries main production plant puts us on very, VERY sensitive turf. The reason, of course, is that the duct tape plant has been discarding sticky, toxic, gooey junk onto the ground. This is a potentially hazardous situation, not only because this sticky, toxic, gooey junk appears to be leaking into the Shady Valley River, but because a Mona Mallard's Duct Tape Industries security guard is headed in our direction. Rather than confront this guard, I suggest we spend our time exploring the problems of pollution. RUN!
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for attractive cable television service repair people.
Your Complete Scope
This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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Income, Nominal Gross National Product
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