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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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FREE ENTERPRISE: A term that's often used, erroneously, in reference to capitalism. In principle, free enterprise is an economy in which businesses and consumers are "free" to engage their resources in any desired production, consumption, or exchange without government restriction, regulation, or control. See also | capitalism | laissez faire | resources | production | consumption | market | market-oriented economy | exchange | regulation | second estate | third estate | wealth | stock market | scarcity | economy |
Recommended Citation:FREE ENTERPRISE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: October 4, 2023].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: free enterprise
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NEEDS STANDARD An income distribution standard in which income is divided among members of society based on how much production each person requires to maintain a given living standard. This is one of three basic income distribution standards that answers the For Whom? question of allocation. The other two are the contributive standard and the equality standard.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for broken fingernail clippers.
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John Maynard Keynes was born the same year Karl Marx died.
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"Those who are blessed with the most talent don't necessarily outperform everyone else. It's the people with follow-through who excel. " -- Mary Kay Ash, May Kay Cosmetics founder
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KCBT
Kansas City Board of Trade
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