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FIXED COST: In general, cost that does not change with changes in the quantity of output produced. More specifically, fixed cost is combined with the adjectives "total" and "average" to indicate the overall level of fixed cost or the per unit fixed cost. Fixed cost is incurred whether of not any output is produced. The same fixed cost is incurred at any and all output levels. This means that total fixed cost is, in fact, FIXED. However, it also means that average fixed cost, or fixed cost per unit, declines as the output level increases. Spreading out $100 over 1,000 units gives a lower per unit fixed cost that spreading out $100 over 10 units.
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ENTERPRISE An organization that combines scarce resources for the production and supply of goods and services. The term enterprise is generally used synonymously with other terms such as business, firm, and company. If a distinction exists, enterprise can be profit oriented, nonprofit, privately owned, or government controlled. Alternatively, the term enterprise might also be used more in reference to the production activity itself rather than the organization.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for telephone calls from former employers.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"In the long run men hit only what they aim at. " -- Henry David Thoreau, philosopher
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JET
Journal of Economic Theory
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