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PERFECT COMPETITION, SHUTDOWN: A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).
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FACTORY: The building and equipment (the physical capital) at a particular location used for the production of goods and services. A factory often takes the form of the conventional assembly-line system, but it need not. As the building and equipment used for production, a factory can also be restaurant, doctor's office, or university classroom. Moreover, while a factory is often associated with the notion of firm or business, they need not be one and the same. A firm can, often does, own more than one factory and a factory can be owned by more than one firm. See also | capital | physical capital | plant | firm | business | plant |
Recommended Citation:FACTORY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 24, 2022].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: factory
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AGGREGATE MARKET ANALYSIS An investigation of macroeconomic phenomena, including unemployment, inflation, business cycles, and stabilization policies, using the aggregate market interaction between aggregate demand, short-run aggregate supply, and long-run aggregate supply. Aggregate market analysis, also termed AS-AD analysis, has been the primary method of macroeconomic analysis since replacing Keynesian economics in the 1980s. Like most economic analysis, aggregate market analysis employs comparative statics, the technique of comparing the equilibrium after a shock with the equilibrium before a shock.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Time is the scarcest resource, and unless it is managed nothing else can be managed." -- Peter F. Drucker
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AAT
Association of Accounting Technicians
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