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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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SOCIAL SCIENCE The scientific study of society--of human behavior and of social interactions. Economics is one of several social sciences. Others are sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at an auction looking to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for slow moving vehicles with darkened windows.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"You are younger today than you will ever be again. Make use of it for the sake of tomorrow. " -- Norman Cousins, editor
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ARP
Average Revenue Product
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