expenditure: the money that we spend.
experience: knowledge and skill gained thought time
spent doing a job or activity.
export: a domestically produced good sold abroad. What
Japan made its fortunes on - exports to the U.S. and elsewhere.
export subsidy: a payment by a country to exporters
enabling them to sell their products abroad at a lower price
than at home.
external funds: funds, such as loans, that come from
outside the firm.
externalities: the effects of economic activities that fall
outside the market system.
F Factors of production: the productive resource of land,
labor, capital and entrepreneurship.
Factory gate price: the price at which a factory sells
goods to wholesalers and distributors.
Fair Labor Standards Act: one of the key federal laws
protecting workers. This is the one you drop into conversa-
tion if your boss wants you not to claim all that overtime
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you're working. Established minimum wage and 40-hour
work week. States that worker get 1.5 times regular
hourly pay if they work more than 40 hours in a week.
