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CAPITAL: One of the four basic categories of resources, or factors of production. It includes the manufactured (or previously produced) resources used to manufacture or produce other things. Common examples of capital are the factories, buildings, trucks, tools, machinery, and equipment used by businesses in their productive pursuits. Capital's primary role in the economy is to improve the productivity of labor as it transforms the natural resources of land into wants-and-needs-satisfying goods.

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TOTAL COST CURVE: A curve that graphically represents the relation between total cost incurred by a firm in the short-run production of a good or service and the quantity produced. The total cost curve is a cornerstone upon which the analysis of a firm's short-run production is built. It combines all of a firm's opportunity costs into a single curve, which can then be used with the firm's total revenue curve to determine profit.

     See also | total cost | curve | short-run production | quantity | opportunity cost | total revenue | economic profit | total variable cost | total fixed cost | marginal cost | total cost and marginal cost | technology | resource prices |


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TOTAL COST CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 2, 2024].


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SIXTH RULE OF IGNORANCE

The sixth of seven basic rules of the economy, stating that obtaining information is a costly activity that requires resources with alternative uses. As such, no one knows everything and everyone is ignorant about something.

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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for door-to-door salesmen.
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Lombard Street is London's equivalent of New York's Wall Street.
"Success is liking yourself, liking what you do, and liking how you do it."

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