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KNOWLEDGE ECONOMY: The notion that economic activity is oriented on the production and consumption of knowledge (or information), which is fundamentally different from economic activity oriented on the production and consumption of manufacturing or agricultural goods. The key to the knowledge economy is the widespread use of computers, the Internet, and other information-based technology. Differences in the knowledge economy result for the public goods nature of knowledge and information (that is, use by one does not exclude use by another).
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Lesson 15: Cost | Unit 2: Three Totals
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Page: 9 of 24
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In this unit, you should have learned about:- Total cost as the total opportunity cost incurred by a firm in the production of output.
- The division of total cost between total fixed cost, that does NOT change with quantity, and total variable cost, that does change with quantity.
- Representing the three total cost measures as the total cost curve (TC), total fixed cost curve (TFC), and total variable cost curve (TVC).
- That the TFC curve is a horizontal line while the TVC curve is positively sloped, and that the shape of the TVC curve is influenced in part by the law of diminishing marginal returns.
- The TC curve as the vertical summation of the TFC and TVC curves, meaning that the TC curve has the same shape as the TVC curve.
- How the TVC curve can be derived from the total product curve by measuring of the variable input in terms of cost rather than the quantity.
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PRODUCT A generic term for a tangible good or an intangible service that is the output or end result of the resource transformation process of a business firm. This notion of product usually surfaces in the context of analyzing the short-run production of a firm, often modified by the terms total, marginal, and average, as in total product, marginal product, and average product.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The average length of a "business lunch" is about 36 minutes.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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OTS
Office of Thrift Supervision
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