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ABSOLUTE POVERTY LEVEL: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer a relative poverty level.

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DEMAND-MANAGEMENT POLICIES: Government policies designed to stabilize the economy by changing aggregate demand. The most noted demand-management policies are fiscal and monetary.

     See also | stabilization policies | aggregate demand | business cycles | fiscal policy | monetary policy |


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DEMAND-MANAGEMENT POLICIES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: April 28, 2025].


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MARGINAL FACTOR COST

The change in total factor cost resulting from a change in the quantity of factor input employed by a 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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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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