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INFLATION PROBLEMS: Two notable problems are associated with inflation: uncertainty and haphazard redistribution. Inflation, especially inflation that varies from month to month and year to year, makes long-term planning quite difficult. Prices, wages, taxes, interest rates, and other nominal values that enter into consumer, business, and government planning decisions can be significantly affected by inflation. Moreover, inflation tends to redistribute income and wealth in a haphazard manner; some people win and some people lose. But this redistribution might not that desired by society, failing to promote any of the basic economic goals of efficiency, equity, stability, growth, or full-employment.
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AVERAGE FACTOR COST, MONOPSONY Total factor cost per unit of factor input employed by a monopsony in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for pencil sharpeners with an attitude.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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