AVERAGE COST: The opportunity cost incurred per unit in the production of a good. This can be calculated by dividing the total cost of production by the quantity of output produced. While average cost is a general term relating cost and the quantity of output, three more specific average cost terms that are worth a closer look are average total cost, average variable cost, and average fixed cost. As long as you're looking into cost, you might want to spend a little time with the most important member of the cost family of terms, marginal cost.

     See also | opportunity cost | production | good | quantity | average total cost | average variable cost | average fixed cost | total cost | marginal cost |

AVERAGE COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: January 21, 2026].

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The study of the flow of monetary payments and the exchange of currencies among nations undertaken as a necessary complement to the international trading of goods and services. The exchange of currencies takes place through the foreign exchange market, which determines the foreign exchange rate, or exchange rate or one currency for another. The balance of payments documents the flow of currency payments into and out of a given country. A related area of study is international trade, both of which are part of the broader study of international economics.

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