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LRTC: The abbreviation for long-run total cost, which is the opportunity cost incurred by all of the factors of production used in the long run (when all inputs are variable) by a firm to produce of a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit paid to entrepreneurs. Unlike short-run total cost, long-run total cost can not be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.
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NEEDS The physiological or biological requirements for maintaining life, such as air, water, food, shelter, and sleep. Physiological needs are often contrasted with psychological wants that make life more enjoyable, but are not essential for existence.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time watching infomercials looking to buy either a large flower pot shaped like a Greek urn or a small palm tree that will fit on your coffee table. Be on the lookout for telephone calls from former employers.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"The more you praise and celebrate your life, the more there is in life to celebrate." -- Oprah Winfrey
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RTA
Regional Trading Arrangement
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