|
|
FIRST RULE OF SCARCITY: The first of seven basic rules of the economy. It is the fundamental fact of economic life that he world is faced with limited resources but unlimited wants and needs satisfied from these resources.
Visit the GLOSS*arama
|
|
|
|
|
MARGINAL COST The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost (MC) indicates how much total cost changes for a given change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. It is found by dividing the change in total cost (or total variable cost) by the change in output. Marginal cost is one of four cost concepts used in short-run production analysis. The other three are average total cost, average fixed cost, and average variable cost.
Complete Entry | Visit the WEB*pedia |
|
|
WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
Your Complete Scope
This isn't me! What am I?
|
|
|
Al Capone's business card said he was a used furniture dealer.
|
|
|
"Well done is better than well said. " -- Benjamin Franklin, statesman, inventor
|
|
APR
Annual Percentage Rate
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
