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TOTAL COST CURVE: A curve that graphically represents the relation between total cost incurred by a firm in the short-run production of a good or service and the quantity produced. The total cost curve is a cornerstone upon which the analysis of a firm's short-run production is built. It combines all of a firm's opportunity costs into a single curve, which can then be used with the firm's total revenue curve to determine profit.
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DEADWEIGHT LOSS The decrease in the sum of consumer surplus and producer surplus that results from the imposition of a tax. When a tax drives a wedge between demand price and supply price it disrupts what otherwise would be an efficient market equilibrium. Inefficiency arises because while a portion of the sum of consumer and producer surplus is merely transferred to government, a portion of this sum also disappears. The part that disappears is the deadweight loss and is an indicator of the inefficiency of the tax.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either any book written by Stephan King or a T-shirt commemorating next Thursday. Be on the lookout for crowded shopping malls.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"If you are neutral in situations of injustice, you have chosen the side of the oppressor. If an elephant has its foot on the tail of a mouse and you say that you are neutral, the mouse will not appreciate your neutrality." -- Desmond Tutu, activist
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SBDC
Small Business Development Center
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