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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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Lesson 2: Economic Science | Unit 2: Theory
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Page: 8 of 20
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- That the best scientific theory is one that offers a universal explanation of the real world.
- How scientific theories are comprised of verified principles and unverified axioms or beliefs that constitute a world view.
- That the world view of many theories is also intertwined with a political philosophy.
- The inherent need for abstraction in the development of scientific theories.
- Three common forms of abstraction--words, graphs, and equations.
- An introduction of three economic theories--markets, aggregate markets, and Keynesian economics.
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UNIT ELASTIC An elasticity alternative in which changes in one variable (usually price) cause equal proportional changes in another variable (usually quantity). In other words, any change in price, whether big or small, triggers exactly the same percentage change in quantity. Quantity changes match price changes. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Unit elastic is one of five elasticity alternatives. The other four are perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for high interest rates.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"I can't change the direction of the wind, but I can adjust my sails to always reach my destination." -- Jimmy Dean
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UTP
Unfair Trade Practice
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