|
MATERIALS BALANCE: A hard and fast rule that the total amount of stuff removed from the natural environment will be eventually returned, probably as pollution. This is based on a fundamental law of physics that says material can be neither created nor destroyed, but only transformed. During any given period (such as a year) the quantity of materials returned to the environment is the difference between the quantity extracted and the quantity used by the economy.
Visit the GLOSS*arama
|
|

|
|
LONG-RUN TOTAL COST The opportunity cost incurred by all of the factors of production used in the long run (when all inputs are variable) by a firm to produce a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit earned by entrepreneurs. Unlike short-run total cost, long-run total cost cannot be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.
Complete Entry | Visit the WEB*pedia |


|
|
BEIGE MUNDORTLE [What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for crowded shopping malls. Your Complete Scope
This isn't me! What am I?
|
|
The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
|
|
"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
|
|
GEB Games and Economic Behavior
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|