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TFC: The abbreviation for total fixed cost, which is cost of production that does NOT change with changes in the quantity of output produced by a firm in the short run. Total fixed cost is one part of total cost. The other is total variable cost. At any and all levels of output, fixed cost is the same. It doesn't change. This includes cost that is not dependent on, or unrelated to, production. The best way to identify fixed cost is to produce zero output. Fixed cost is incurred whether or not any output is produced. A cost measure directly related to total fixed cost is average fixed cost.

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FACTOR PRICE: The price paid for and received by the services of factor of productions (labor, capital, land, and entrepreneurship) when exchange through factor markets. Like prices in other markets, factor price adjusts to balance the forces of demand and supply. For factor demand and the factor demand curve, the factor price is negatively related to the quantity of factor services demanded. For factor supply and the factor supply curve, factor price is positively related to the quantity of factor services supplied. The key factor prices are wage rates, interest rates, rents, and profits. The rigidity or inflexibility of factor prices is an important aspect of the macroeconomic study of the short-run aggregate market.

     See also | wage | interest | rent | profit | labor | capital | land | entrepreneurship | factor price | factor demand | factor supply | factor markets | factors of production | circular flow | business sector | household sector | national income |


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INFLATIONARY GAP

The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is more than full-employment real production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion, especially the latter stages of an expansion. This is one of two alternative output gaps that can occur when short-run equilibrium generates production that differs from full employment. The other is a recessionary gap.

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