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TC: The abbreviation for total cost, which is the opportunity cost incurred by all of the factors of production used 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. Total cost is most important in the analysis a firm's short-run production decision and is frequently separated into total variable cost and total fixed cost.
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PRODUCTION COST The opportunity cost of using labor, capital, land, and entrepreneurship in the production of goods and services. The price received by a seller must be high enough to cover production cost. The law of supply is based on the proposition that production cost increases with an increase in the quantity produced and supplied.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for the happiest person in the room.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"I feel sorry for the person who canžt get genuinely excited about his work. Not only will he never be satisfied, but he will never achieve anything worthwhile. " -- Walter Chrysler, automaker
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SMSA
Standard Metropolitan Statistical Area
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