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NONDURABLE GOOD: A good bought by consumers that tends to last for less than a year. Common examples are food and clothing. The notable thing about nondurable goods is that consumers tend to continue buying them regardless of the ups and downs of the business cycle.
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AVERAGE VARIABLE COST: Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. Average variable cost, abbreviated AVC, decreases with additional production at relatively small quantities of output, then eventually increases with relatively larger quantities of output. This pattern is illustrated by a U-shaped average variable cost curve. The logic behind this decrease-increase U-shaped pattern can be found with a closer examination of the law of diminishing marginal returns, average product, and the average-marginal rule. You should also check out marginal cost. See also | total variable cost | short-run production | average variable cost curve | average product | quantity | technology | resource prices | average total cost | marginal cost | average fixed cost | law of diminishing marginal returns | average-marginal rule | U-shaped cost curves | increasing marginal returns | decreasing marginal returns |
Recommended Citation:AVERAGE VARIABLE COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: March 16, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: average variable cost
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BALANCE OF TRADE DEFICIT The negative difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for mail order catalogs with hidden messages.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Failure will never overtake me if my determination to succeed is strong enough." -- Og Mandino, Author and Speaker
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LME
London Metal Exchange
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