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PARTNERSHIP: One of the three basic forms of business organization (the other two are corporation and proprietorship). A partnership is a business that's owned and operated more or less equally by two or more people. The owners and the business are legally considered one and the same. As such, each owner has unlimited liability, which means that an owner is held personally responsible for any and all of the business's debts, including those made by a partner.
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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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ECONOMIC GOALS Five conditions of the mixed economy, including full employment, stability, economic growth, efficiency, and equity, that are generally desired by society and pursued by governments through economic policies. The five goals are typically divided into the three that are most important for macroeconomics (the macroeconomic goals of full employment, stability and economic growth) and the two that are most important for microeconomics (the microeconomic goals of efficiency and equity).
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
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BLS
Bureau of Labor Statistics
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