Foal. A constant rate of exploitation of a fishery that is slightly less than that whch maximizes the yield per recruit. Fo.l is a widely used but ad hoc method of determining the total allowable catch in a fishery. factorial design. A method of design in experiments that allows for statistical comparisons between different “treatments” or applications. For example, a factorial design may be used to assess the performance of different varieties of wheat in field trials where each wheat variety represents a treatment. factors of production. The inputs in the production process which, collectively, include land (natural resources and the environment), labor (physical, human and social capital), and capital (physical capital). Fahrenheit scale. Named after the seventeenth-century scientist G.D. Fahrenheit and still used in the United States. Under the Fahrenheit scale, 32 degrees is the temperature at which ice melts and 212 degrees is the boiling point of water. To convert a temperature from the Fahrenheit scale to the internationally used Celsius scale subtract 32 from the Fahrenheit temperature and then multiply by 5/9. See Celsius. fair compensation. The notion that appropriation of assets or resources by the state or another authority requires that those affected receive a compensation that reflects the value of the property. See eminent domain. fair game. A gamble or game where the cost of playing the game equals the expected return. See expected value. fair market value. The price of an asset or resource should it be sold in the current market. The term...
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