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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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Lesson 15: Cost | Unit 2: Three Totals
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Page: 7 of 24
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- The graphs of the three total cost relations important to the study of short-run production:
- Total Fixed Cost Curve: The total fixed cost (TFC) curve is a horizontal line, which is horizontal at the value of total fixed cost.
- Total Variable Cost Curve: The total variable cost (TVC) curve is a positively-sloped line.
- Total Cost Curve: The shape of the TC curve is identical to that of the TVC.
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SELLERS' EXPECTATIONS, SUPPLY DETERMINANT The expectations that sellers have concerning the future price of a good, which is assumed constant when a supply curve is constructed. If sellers expect a higher price, then supply decreases. If sellers expect a lower price, then supply increases. Sellers' expectations are one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and number of sellers.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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ATC
Average Total Cost
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