|
|
AFC: The abbreviation for average fixed cost, which is fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. Average fixed cost is one of three related cost averages. The other two are average variable cost and avarage total cost. Average fixed cost decreases with larger quantities of output. Because fixed cost is FIXED and does not change with the quantity of output, a given cost is spread more thinly per unit as quantity increases. A thousand dollars of fixed cost averages out to $10 per unit if only 100 units are produced. But if 10,000 units are produced, then the average shrinks to a mere 10 cents per unit.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 3: Scarcity | Unit 1: The Concept
|
Page: 3 of 17
|
- The fundamental concept of scarcity that faces society.
- The role unlimited wants and needs play in creating the problem of scarcity.
- The role limited resources play in creating the problem of scarcity.
- What the scarcity problem means for society.
|
|
|
|
|
|
|
LABOR FORCE The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for defective microphones.
Your Complete Scope
This isn't me! What am I?
|
|
|
The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
|
|
|
"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover." -- Mark Twain
|
|
NPV
Net Present Value
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
