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ECONOMY: The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity. The essential task of an economy is to transform resources into useful goods and services (the act of production), then distribute or allocate these products to useful ends (the act of consumption). Virtually all economies accomplish this task through a combination of decisions made through voluntary market exchanges and involuntary government rules and regulations.

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PRODUCTION COST: The opportunity cost of using labor, capital, land, and entrepreneurship in the production of goods and services. Production cost is important to supply. The price received by a seller must be great enough to cover production cost. Note that production cost includes what you probably think of as the traditional "cost of doing business," but it includes other less obvious costs, as well. While labor, capital, and land typically involve an explicit cost--an actual money payment--the cost of entrepreneurship is often an implicit cost. In particular, the cost of entrepreneurship is termed normal profit.

     See also | opportunity cost | labor | capital | land | entrepreneurship | production | good | service | supply | resource prices | wage | interest | rent | profit | aggregate supply | short-run aggregate supply |


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PRODUCTION COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: June 16, 2025].


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AVERAGE-MARGINAL RELATION

A mathematical connection between a marginal value and the corresponding average value stating that the change in the average value depends on a comparison between the average and the marginal. This mathematical relation between average and marginal surfaces throughout the study of economics, especially production (average product and marginal product), cost (average total cost and marginal cost), and revenue (average revenue and marginal revenue). A similar relation is that between a total value and the corresponding marginal value.

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