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TOTAL FIXED COST CURVE: A curve that graphically represents the relation between total fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between total fixed cost and the level of output, holding other variables, like technology and resource prices, constant. Because total fixed cost are, in fact, fixed, the total fixed cost curve is, in fact, a horizontal line.

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Lesson 13: The Firm | Unit 4: U.S. Firms Page: 20 of 24

Topic: By Industry <=PAGE BACK | PAGE NEXT=>

  • A break down of the legal firm types for different industries:

    • While proprietorships dominant almost all types of production, except for finance, they tend to be most predominant in construction, transportation, trade, and services.

    • Moreover, should you encounter a proprietorship the chances are very good that person will be working in the service industry.

    • Partnerships tend to surface in finance, agriculture, and mining.

    • Corporations constitute about 20% of all firms in the economy. However, they tend to make up relatively larger shares of the manufacturing, trade, and finance industries.

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ACCOUNTING PROFIT

The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for gnomes hiding in cypress trees.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

AIBD
Association of International Bond Dealers (now called International Securities Market Association)
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