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CAPITAL GOOD: A good that is a manufactured (or previously produced) factor of production that is used to manufacture or produce other things. Common examples of capital goods re the factories, buildings, trucks, tools, machinery, and equipment used by businesses in their productive pursuits. The acquisition of capital goods is the primary goal of business investment.
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AVERAGE COST: The opportunity cost incurred per unit in the production of a good. This can be calculated by dividing the total cost of production by the quantity of output produced. While average cost is a general term relating cost and the quantity of output, three more specific average cost terms that are worth a closer look are average total cost, average variable cost, and average fixed cost. As long as you're looking into cost, you might want to spend a little time with the most important member of the cost family of terms, marginal cost. See also | opportunity cost | production | good | quantity | average total cost | average variable cost | average fixed cost | total cost | marginal cost |
Recommended Citation:AVERAGE COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 26, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: average cost
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COMPETITIVE MARKET A market with a large number of buyers and sellers, such that no single buyer or seller is able to influence the price or control any other aspect of the market. That is, none of the participants have significant market control. A competitive market achieves efficiency in the allocation of scarce resources if no other market failures are present.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for telephone calls from long-lost relatives.
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The average length of a "business lunch" is about 36 minutes.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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PSID
Panel Study of Income Dynamics
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