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AD VALOREM TAX: A tax that is specified as a percentage of value. Sales, income, and property taxes are three of the more popular ad valorem taxes devised by government. The total ad valorem tax paid increases with the value of what's being taxed.
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Lesson 15: Cost | Unit 3: Four More Measures
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Page: 14 of 24
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Topic:
A Marginal Table
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- The table presents total cost (TC) and total variable cost (TVC) data to examine the calculation of marginal cost.
- Note that:
- MC begins with a high value of $5 for the first unit produced, declines to a low of $1.50 for the fourth and fifth units, then rises again until reaching $12 for the tenth unit.
- The decrease-increase, U-shaped pattern of MC is an extremely important aspect of both marginal cost and short-run production.
- MC values increase after the fifth unit for one simple reason -- the law of diminishing marginal returns.
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BALANCE OF PAYMENTS A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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CAF
Cost and Freight
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