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PERSONAL INCOME: The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.
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Lesson 15: Cost | Unit 2: Three Totals
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Page: 5 of 24
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Topic:
Fixed And Variable
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- The comprehensive measure of the total cost of production is total cost.
- Total cost is the total opportunity cost incurred by all of the factors of production used by a firm to produce output.
- Because short-run production involves variable and fixed inputs, it's useful to separate total cost into total fixed cost and total variable cost.
- Total fixed cost is the total opportunity cost of production that DOES NOT change (or vary) with changes in the quantity of output produced by a firm in the short run.
- Total variable cost is the total opportunity cost of production that changes (or varies) with changes in the quantity of output produced by a firm in the short run.
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RESOURCE PRICE, AGGREGATE SUPPLY DETERMINANT One of three categories of aggregate supply determinants assumed constant when the aggregate supply curve is constructed, and which shifts the aggregate supply curve when it changes. An increase in a resource price causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in a resource price causes an increase (rightward shift) of the short-run aggregate supply curve. The other two categories of aggregate supply determinants are resource quantity and resource quality. Specific determinants falling into this general category include wages and energy prices. Anything affecting the prices paid for the use of labor, capital, land, and entrepreneurship is also included.
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In the early 1900s around 300 automobile companies operated in the United States.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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PHLX
Philiadelphia Stock Exchange
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