|
|
IMPLICIT COST: An opportunity cost that does NOT involve a money payment or a market transaction. This should be contrasted with explicit cost that DOES involve a money payment or a market transaction. The common misconception among non-economists out there in the real world is that the term "cost" is synonymous with the term "payment," that is, all costs are explicit costs, to be a cost you have to give up some money. Well, I'm here to tell you that this isn't true. Cost is opportunity cost. It's the satisfaction NOT received from activities NOT pursued. It's the value of foregone production. And not all opportunity costs involve a money payment.
Visit the GLOSS*arama
|
|
|
|
|
LONG-RUN AVERAGE COST The per unit cost of producing a good or service in the long run when all inputs under the control of the firm are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is guided by returns to scale.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for vindictive digital clocks with revenge on their minds.
Your Complete Scope
This isn't me! What am I?
|
|
|
The average length of a "business lunch" is about 36 minutes.
|
|
|
"Try not to become a man of success, but rather try to become a man of value. " -- Albert Einstein
|
|
JEP
Journal of Economic Perspectives
|
|
|
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
|
|
