Microeconomics 7
The Cost of Production
The Cost of Production
Kartei Details
| Karten | 31 |
|---|---|
| Sprache | English |
| Kategorie | VWL |
| Stufe | Universität |
| Erstellt / Aktualisiert | 17.11.2012 / 13.03.2015 |
| Lizenzierung | Kein Urheberrechtsschutz (CC0) |
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accounting cost
Actual expenses plus depreciation charges for capital equipment.
economic cost
Cost to a firm of utilizing economic resources in production, including opportunity cost.
opportunity cost
Cost associated with opportunities that are forgone when a firm’s resources are not put to their best alternative use.
sunk cost
Expenditure that has been made and cannot be recovered.
total cost (TC or C)
Total economic cost of production, consisting of fixed and variable costs.
fixed cost (FC)
Cost that does not vary with the level of output and that can be eliminated only by shutting down.
variable cost (VC)
Cost that varies
as output varies.
amortization
Policy of treating a one-time expenditure as an annual cost spread out over some number of years.
