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Factors of production
The basic factor used in the production of goods and services: Labor, Land, Capital and Entrepreneurship

Fallacy of composition
The fallacy in an argument stating that what is true of the parts is also true for the whole'

Fallacy of division
The fallacy in the argument that 'what is true for the whole is also true for the parts'.

When more employees are hired to complete a specific job that what is required.

Fiat money
It is the paper currency with a value attached to it, but is inconvertible. Currency notes and coins come under fiat money.

A trustee, who holds in confidence the financial matters of an individual or an institution.

First-degree price discrimination
A form of pricing, where the marketer charges the highest amount which the buyers are willing to pay for every unit of the goods sold.

It is related to the government policies of spending and taxation

Fiscal policy
Policies framed with respect to the spending and taxation in the economy

Fiscal year
The period of twelve months for which the fiscal budget is scheduled to collect taxes and appropriate spending.

Floating exchange rate
The rate of currency determined by freely acting market forces, i.e., the demand and supply in the foreign exchange markets.

A legal procedure to seize the mortgaged property in case the indebted is unable to payoff the debt

Foreign direct investment
An investment made in a firm situated in a foreign country so as to have a controlling interest

A legal right granted to a Franchisee (individual or an institution) to carry on a business by the name of the brand of the Franchisor (individual or institution) at a price charged.

Free enterprise
Where every business is free to operate competitively with minimal or no government regulation.

Fringe benefit
A benefit provided to an employee over and above his wages or salary

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