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CAPITALISM: A type of economy based on -- (1) private ownership of most resources, goods, and other stuff (private property); (2) freedom to generally use the privately-owned resources, goods, and other stuff to get the most wages, rent, interest, and profit possible; and (3) a system of relatively competitive markets. While government establishes the legal "rules of the game" for capitalism and provides assorted public goods, like national defense, education, and infrastructure, most production, consumption, and resource allocation decisions are left up to individual businesses and consumers. The term capitalism is derived from the notion that capital goods are under private, rather than government, ownership (compare communism, socialism.

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Lesson 15: Cost | Unit 1: The Basics Page: 4 of 24

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • A review of the opportunity cost concept that plays a key role in the analysis of market supply.
  • The difference between explicit opportunity cost and implicit opportunity cost.
  • Two types of cost -- economic cost, which is all opportunity cost, and accounting cost, which includes only out-of-pocket expenses.
  • The three types of profit -- economic profit, accounting profit, and normal profit.
    • Economic profit as the difference between revenue and economic cost.
    • Accounting profit as the difference between revenue and accounting cost.
    • Normal profit as the opportunity cost of using entrepreneurship.
  • That normal profit is the key difference between accounting profit and economic profit.

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ELASTICITY ALTERNATIVES

Five categories of elasticity that form a continuum indicating the relative responsiveness of a change in one variable (usually quantity demanded or quantity supplied) to a change in another variable (usually price). These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are most often used to categorize the price elasticity of demand and the price elasticity of supply.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for broken fingernail clippers.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

TOCOM
Tokyo Commodity Exchange (Japan)
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