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LRTC: The abbreviation for long-run total cost, which is 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 of a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit paid to entrepreneurs. Unlike short-run total cost, long-run total cost can not be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.
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SECOND ESTATE Another term for the business sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, consumers as the third estate, and journalists as the fourth estate.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for fairy dust that tastes like salt.
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The average bank teller loses about $250 every year.
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"After climbing a great hill, one finds many more hills to climb. " -- Nelson Mandela, president of South Africa
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LIFO
Last In First Out
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