 It is the value foregone in paying price in production.

refers to the cost incurred by a business when manufacturing a good or providing a service. include a variety of expenses including, but not limited to, labor, raw materials, consumable manufacturing supplies and general overhead

A cost that does not change with an increase or decrease in the number of goods or services produced or sold. is that portion of total cost which remains unchanged even if the level of output changes. Example rent expense.

A corporate expense that changes in proportion to how much a company produces or sells-- they rise as production increases and falls as production decreases. is that part of total cost that do vary with the amount of output produced

refers to the sum of all expenditures in producing goods and services. It maybe derived by adding fixed costs to variable costs. It increases as more units of output are produced.

As a concept, it is the foregone opportunity of choosing an alternative. The difference between the opportunity gained from alternative and its _________ is the net gain (loss) from said choice. The measure of economic cost or _________, of any resource used to produce a good is the value or worth the resource would have in its best alternative use.

(revealed and expressed) are the monetary payments (or cash expenditures) it makes to those who supply labor services, materials, fuel, transportation services and the like. Such money payments are for the use of resources owned by others

are the opportunity costs of using its self-owned, self- employed resources

Is the total revenue less economic costs

It refers to the relationship between the amount of inputs and outputs that can be obtained.  It is a schedule showing the maximum amount of outputs that can be produced from any specified set of inputs given the existing technology. It can be a catalog of output possibilities.

whose quantity cannot be readily changed (cannot be readily increased or decreased) when market conditions indicate that a change in output is desirable.

is one whose quantity can be readily changed when a change in output is desired.

states that adding an additional factor of production results in smaller increases in output.

time frame in which input of one or more productive agents is fixed. It also means any time period not long enough to allow the full effects of some changes to have operated.

time frame in which all inputs are variable because when fixed inputs need adjustment, it can be done when given sufficient time.

Reductions in per unit cost that result from increases in the size of markets and firms are called _________ occur when increasing output leads to lower long run average costs.

occurs when long run average costs start to rise with increased output.

As successive units of a variable resource are added to a fixed set of resources, beyond some point, the extra, or marginal product attribute to each additional unit of the variable resource will decline.

cost that dont change in relation to production volum ____ are the time related. as they remain constant for a period of time total _______ stays the same examples: rent, advertising, depreciation, insurance etc.

cost that vary change in relation to production volume Variable costs are Volume-related, as they change with the changes in production volume total _______ increase/decrease example: Direct materials (sugar, egg, wood, cement) direct labor (wages of part-time staff)