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Erstellt / Aktualisiert 26.05.2010 / 25.12.2011
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Fenster schliessen

total revenue

amount a firm receives for the sale of its output

Fenster schliessen

total cost

market value of the inputs a firm uses in production

Fenster schliessen

profit

total revenue - (minus) total cost

Fenster schliessen

explicit costs

input costs that require an outlay of money by the firm

Fenster schliessen

implicit costs

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

Fenster schliessen

economic profit

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

Fenster schliessen

accounting profit

total revenue - (minus) explicit cost

Fenster schliessen

production function

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