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TOTAL VARIABLE COST: Cost of production that changes with changes in the quantity of output produced by a firm in the short run. Total variable cost is one part of total cost. The other is total fixed cost. Variable cost depends on the level of output. If a firm produces more output, then variable cost is greater. If a firm produces no output, then variable cost is zero. A cost measure directly related to total variable cost is average variable cost.

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Lesson 3: Scarcity | Unit 2: Resources Page: 8 of 17

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  • The use of limited resources (factors of production) to produce goods and services that satisfy wants and needs.
  • The four basic types of resources: labor, capital, land, and entrepreneurship.
  • Labor as the human effort used to produce goods.
  • Capital as the manufactured resource used in production.
  • Land as the natural resources that provide the materials used in goods.
  • Entrepreneurship as the factor that combines other resources in the production process.
  • Differences between limited, scarce, and free resources.
  • The fuzzy areas of overlap between the different types of resources.

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AVERAGE REVENUE

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.

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[What's This?]

Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for fairy dust that tastes like salt.
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A half gallon milk jug holds about $50 in pennies.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

AEC
Annual Equivalent Costs
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