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TC: The abbreviation for total cost, which is the opportunity cost incurred by all of the factors of production used 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. Total cost is most important in the analysis a firm's short-run production decision and is frequently separated into total variable cost and total fixed cost.
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Lesson 6: Market Supply | Unit 4: Determinants
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Page: 15 of 19
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The five determinants that cause the supply curve to shift are:- Resource prices: If the price of any resource (labor, capital, land, or entrepreneurship) changes, so too does production cost and the ability to supply a good.
- Technology: Improving production techniques enhance the ability to supply a good.
- Prices of other goods: Goods using the same inputs can be either substitutes or complements in production.
- Expectations: Sellers' current supply depends on expectations of future prices.
- Number of sellers: More sellers, more supply. Fewer sellers, less supply.
These categories include all factors other than price that affect supply.
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GROSS DOMESTIC PRODUCT, EXPENDITURES A method of estimating gross domestic product (GDP) based on identifying the aggregate expenditures (consumption expenditures, investment expenditures, government purchases, and net exports) made by the four macroeconomic sectors (household, business, government, and foreign). This is one of two methods used by the Bureau of Economic Analysis in the National Income and Product Accounts to estimate gross domestic product. The other identifies the value of total production from the income received by the resource owners.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for infected paper cuts.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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MSE
Minimum Efficient Scale
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