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MATERIALS: The stuff used in the production of tangible products that become the tangible products. Materials, also termed raw materials, are part of the land category of scarce resources. Space is also part of the land resource category. Another term that works as a synonym for materials is natural resources. Perhaps it's obvious that without materials, there would be no tangible products.

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Lesson 16: Perfect Competition | Unit 2: Short-Run Output Page: 8 of 28

Topic: The Cost Side <=PAGE BACK | PAGE NEXT=>

  • Numbers illustrating the cost side of a perfectly competitive firm is presented in this table.

    • Typical Numbers: First, note that the cost of producing output by a perfectly competitive firm is comparable to that for any firm.

    • Quantity (Q): The quantity produced by the firm is presented in the first column.

    • Total Cost (TC): The total cost of production is presented in the second column.

    • Marginal Cost (MC): The change in total cost for a given change in quantity, marginal cost, is presented in the third column.

    • Any Averages? This table does not display any of the average cost values (average total cost, average variable cost, or average fixed cost).


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COMPTROLLER OF THE CURRENCY

An agency of the U.S. Federal government responsible for chartering national banks. In other words, anyone wanting to establish a bank with the word "national" in the title must gain permission from the Office of the Comptroller of the Currency (OCC). The Comptroller is also responsible for regulating banks and might even assume control of a bank that is in serious trouble (that is, on the verge of failure). Although the term "currency" appears in the title, the Office of the Comptroller of the Currency is primarily a bank regulator and has almost nothing to do with the nation's "currency." The OCC was established in 1863 as a bureau of the U.S. Department of the Treasury and is located in Washington, D.C.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for mail order catalogs with hidden messages.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. "

-- Andrew Carnegie, entrepreneur

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