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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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OPPORTUNITY COST, PRODUCTION POSSIBILITIES The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for small children selling products door-to-door.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Doing the best at this moment puts you in the best place for the next moment. " -- Oprah Winfrey, entrepreneur
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SAIF
Savings Association Insurance Fund
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