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VARIABLE COST: In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount of produced. If there is no production, then there is no variable cost.
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Lesson 10: Utility and Demand | Unit 3: Complex Choices
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Page: 13 of 21
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In this unit, you should have learned about:- How a consumer maximizes utility by selecting between the consumption of two goods.
- That buyers will choose between two goods based on the marginal utility of each.
- Why buyers are faced with a constrained utility maximization decision based on prices and limited income.
- Alternative choices faced by a consumer that may or may not maximize utility.
- The rule of consumer equilibrium that states two goods are consumed until the marginal utilities generated by the last dollar are equal.
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BALANCE OF TRADE SURPLUS The positive 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 surplus is the official term for positive net exports that occurs when exports exceed imports. A balance of trade surplus is also termed a "favorable" balance of trade because it results in a net inflow of monetary payments into the domestic economic from the foreign sector, which tends to be beneficial to a country. The alternative is a balance of trade deficit in which imports exceed exports.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction seeking to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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TIAC
Thrift Institutions Advisory Council
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