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September 10, 2024 

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ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM: Three support committees that provide feedback to the Board of Governors of the Federal Reserve System to assist in its assorted regulatory responsibilities, including Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council is a broad ranging council comprise of commercial bankers. The Thrift Institutions Advisory Council is comprised of representatives of thrift institutions. The Consumer Advisory Council is comprised of consumer credit representatives.

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MARGINAL FACTOR COST CURVE: A curve that graphically represents the relation between factor quantity and the marginal factor cost incurred by a firm for buying or hiring a factor of production. Marginal factor cost curve indicates how a firm's total factor cost is affected by hiring one more or one fewer worker. This curve is constructed to capture the relation between marginal factor cost and the factor quantity, holding other variables constant.

     See also | marginal factor cost | curve | marginal cost | input | factors of production | factor markets | average factor cost curve | marginal revenue product curve | perfect competition | factor markets | perfectly elastic | factor price | imperfect competition | monopsony | factor supply curve |


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MARGINAL FACTOR COST CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: September 10, 2024].


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SOCIAL SCIENCE

The scientific study of society--of human behavior and of social interactions. Economics is one of several social sciences. Others are sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"Life is a promise; fulfill it. "

-- Mother Teresa, humanitarian

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