|
VERIFICATION: The hypothesis-testing step of the scientific method. Once an hypothesis is derived from a theory, it must be compared with real world data. This is the verification step. This verification can lead to support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis.
Visit the GLOSS*arama
|
|

|
|
                          
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, 2000-2025. [Accessed: July 12, 2025]. AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: average cost
Search Again?
Back to the GLOSS*arama
|
|
TAX PROPORTIONALITY The proportion of income paid in taxes at different levels of income. In some cases the proportion of income paid in taxes increases with income in other cases it decreases. And in still other cases, it remains the same. Tax proportionality comes in three alternatives -- proportional tax (different incomes pay the same proportion in tax), progressive tax (higher incomes pay a higher proportion in tax), and regressive (lower incomes pay a higher proportion in tax).
Complete Entry | Visit the WEB*pedia |


|
|
The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
|
|
"What gets measured gets done." -- Peter Drucker, educator
|
|
OCC Office of the Comptroller of the Currency
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|