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<strong>Expected Family Contribution (EFC)</strong> – The amount the student or student' s family is expected to pay toward the student' s cost of attendance as a result of the Federal Need Analysis Methodology.
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Beveridge, William Henry, 1879-1963 (B3)<br />In many senses, the founder of the UK WELFARE STATE. After an education at Balliol College, Oxford, he was a law Fellow at University College, Oxford from 1902 to 1909, as well as Sub-warden of Toynbee Hall, London, from 1903 to 1905, where he investigated casual labour and unemployment in the London docks. As Director of Labour Exchanges at the UK Board of Trade in 1909-15 he created a national system of employment exchanges. In 1919 as Permanent Secretary of the Ministry of Food he devised a national food rationing scheme. From 1919 to 1937 as Director of the London School of Economics he expanded the range of its activities, attracting scholars such as HAYEK and HICKS, as well as encouraging empirical studies. Subsequently he was master of University College, Oxford, from 1937 to 1944, and chairman of the committee which drew up the Beveridge Report on social security in 1942, which was expanded into the celebrated Full Employment in a Free Society (1944), a report which laid the intellectual foundations for many post-war UK welfare policies.<br /> <br /><em>Reference</em><br />Harris, J. (1977) William Beveridge: a Biography, Oxford: Clarendon Press. Williams, K. and Williams, J. (eds) (1987) A Beveridge Reader, London: Unwin Hyman.
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prime cost (DO)<br />The direct cost of running a business, particularly labour, energy and raw material COSts; VARIABLE COSTS. A term USed by MARSHALL.<br /><em>See also:</em> supplementary cost
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