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TRANSACTION COSTS: The costs that arise when dealing or trading with others that are beyond the price. These include the costs of negotiating, writing and enforcing contracts. When buying or selling securities for example, transaction costs include brokers' commissions and dealers' spreads.
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AVERAGE VARIABLE COST Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profit-maximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time at a garage sale trying to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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ACBS
Accrediting Commission for Business Schools
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