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INDEX: A measure of the relative average of a group of items compared to a given base value. Index measures are commonly used in economics to combine and compare diverse measures. One common type of index measure is for prices, such as the Consumer Price Index and the Dow Jones Industrial Average of corporate stock prices. Another noted type of index measure is to track macroeconomic activity, especially the index leading economic indicators. Indexes are usually weighted averages rather than simple arithmetic means that are measured relative to a base value or period. The Consumer Price Index, for example, measures the prices of consumer good, weighted by the quantities purchased. The value of a given period is then stated relative to a base year value, which generates a pure, "unitless" number in the range of 100 (give or take).
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Lesson 22: Factor Supply | Unit 3: Factor Supply
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Page: 15 of 25
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Topic:
Factor Cost Times Three
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- A set of useful concepts in the analysis of factor markets:
- Total factor cost is the opportunity cost incurred when using a given factor of production to produce a good or service.
- Total factor cost is used as the starting point for calculating the other two related measures:
- Average factor cost is the total factor cost per unit of factor input, found by dividing total factor cost by the quantity of factor input.
- The third factor cost concept is marginal factor cost.
- Marginal factor cost is the change in total factor cost resulting from a change in the quantity of factor input, found by dividing the change in total factor cost by the change in quantity of factor input.
- Marginal factor cost indicates how a firm's total factor cost is affected by hiring one more or one fewer factor.
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SHARE DRAFT ACCOUNTS Interest-paying checking accounts maintained by credit unions. These function much like standard demand deposit checking accounts in that the funds can be withdrawn "on demand" by writing a check, but an interest is paid on the outstanding balance. Share draft accounts are one type of checkable deposits. Others are demand deposits (standard checking accounts), negotiable order of withdrawal (NOW) accounts, and automatic transfer service (ATS) accounts.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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BCD
Business Cycle Development
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