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TOTAL VARIABLE COST: Cost of production that changes with changes in the quantity of output produced by a firm in the short run. Total variable cost is one part of total cost. The other is total fixed cost. Variable cost depends on the level of output. If a firm produces more output, then variable cost is greater. If a firm produces no output, then variable cost is zero. A cost measure directly related to total variable cost is average variable cost.
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GOOD A physical, tangible item or product used to satisfy wants and needs. A good is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produced the goods that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"In a restless, creative business with an emphasis on experiment and development, ideas are the lifeblood." -- Richard Branson, Virgin Group founder
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AMB
Adjusted Monetary Base
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