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WANTS AND NEEDS: These are the unfulfilled desires that motivate human behavior and that when satisfied improve human well-being. They include both physiological or biological requirements for maintaining life (needs) and the psychological desires which make life more enjoyable (wants). However, when push comes to shove, and the nitty gets down to the gritty, it matters very little to markets if people need goods or want goods, so long as they are motivated to buy the goods to satisfy wants and needs.
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FCC: The abbreviation for the Federal Communications Commission, which was established by the Communications Act of 1934 and is charged with regulating interstate and international communications by radio, television, wire, satellite and cable. The FCC consists of five Commissioners appointed by the President and confirmed by the Senate. Each commissioner serves a 5-year term, except when filling an unexpired term. One of the regulatory forces in the marketing environment. See also | regulatory forces | political forces | marketing environment | environmental scanning | marketing plan |
Recommended Citation:FCC, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: April 2, 2023].
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MARGINAL FACTOR COST, PERFECT COMPETITION The change in total factor cost resulting from a change in the quantity of factor input employed by a perfectly competitive firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"Before you can inspire with emotion, you must be swamped with it yourself. Before you can move their tears, your own must flow. To convince them, you must yourself believe." -- Sir Winston Churchill
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