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MARKET PERIOD: A period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. In other words, you've produced the good, you're not going to produced any more for now, all that remains is to sell it. You should compare market period with short run and production, long run and production, and very long run.
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive business advantage. " -- Jack Welch, General Electric chief executive
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LRTC
Long Run Total Cost
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