Microeconomics 7
The Cost of Production
The Cost of Production
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Set of flashcards Details
| Flashcards | 31 |
|---|---|
| Language | English |
| Category | Macro-Economics |
| Level | University |
| Created / Updated | 17.11.2012 / 13.03.2015 |
| Licencing | No Copyright (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.
