Flashcards

Flashcards 12 Flashcards
Students 1 Students
Sprache English
Level University
Created / Updated 26.05.2010 / 25.12.2011
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total revenue

amount a firm receives for the sale of its output

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total cost

market value of the inputs a firm uses in production

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profit

total revenue - (minus) total cost

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explicit costs

input costs that require an outlay of money by the firm

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implicit costs

input costs that do not require an outlay of money by the firm

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economic profit

total revenue - (minus) total cost (including both explicit and implicit costs)

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accounting profit

total revenue - (minus) explicit cost

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production function

the relationship between quantity of inputs used to make a good and the quantity of output of that good