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VARIABLE COST: In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount of produced. If there is no production, then there is no variable cost.
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RECESSIONARY GAP The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is less than full-employment real production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. This is one of two alternative output gaps that can occur when short-run equilibrium generates production that differs from full employment. The other is an inflationary gap.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a T-shirt commemorating the first day of spring or a coffee cup commemorating last Friday (you know why). Be on the lookout for pencil sharpeners with an attitude.
Your Complete Scope
This isn't me! What am I?
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Habit is a cable; we weave a thread of it each day, and at last we cannot break it. " -- Horace Mann, educator
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GAB
General Agreements to Borrow
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