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Islamic economics (BO)<br />A study of the economic teachings of Islam and an Islamic critique of modem Western economic theory and policy. Its central themes include the idea that property is to be held in trust for God, that economic activity should have social objectives, that the return to capital should only be a reward for risk taking and that the quality aspects of economic growth should be considered. There is a distinctive Islamic contribution to taxation, comparative economic systems, co-operatives, income distribution, business cycles,
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marginal cost pricing (D4)<br />Setting a price so that it is equal to the marginal cost of producing that good or service. It is justified on the grounds of maximizing social efficiency. In practice, there are difficulties in following this rule.<br /> Deficits can arise for a firm with declining average total costs, and consequently falling marginal costs, as prices, if set equal to marginal costs, would fail to cover fixed costs. However, these can be covered separately - by government subsidy or by a TWOPART TARIFF, part of which would be the 'price of entry' to the market, e.g. a telephone rental can cover fixed costs and the charge for calls marginal costs. Price set equal to margin cost <br /><em>Reference</em><br />Rees, R. (1984) Public Enterprise Economics, ch. 5, London: Weidenfeld & Nicolson.
<strong>GUI</strong> - Graphical User Interface. The MDHE' s FAMOUS system is comprised of three GUis, one for each of the following: 1) postsecondary institutions (PSis), 2) high schools, and 3) the MDHE.
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