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TOTAL COST CURVE: A curve that graphically represents the relation between total cost incurred by a firm in the short-run production of a good or service and the quantity produced. The total cost curve is a cornerstone upon which the analysis of a firm's short-run production is built. It combines all of a firm's opportunity costs into a single curve, which can then be used with the firm's total revenue curve to determine profit.
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VALUE The worth members of society place on a good, service, resource, commodity, or other asset, which is based on the direct or indirect satisfaction of wants and needs generated. In an economy that uses markets to exchange commodities, value is commonly indicated by price and measured by the economy's monetary unit.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"The way to gain a good reputation is to endeavor to be what you desire to appear. " -- Socrates, philosopher
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EEH
Explorations in Economic History
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