Define Economic cost. Economic cost synonyms, Economic cost pronunciation, Economic cost translation, English dictionary definition of Economic cost. n. Economics The net value or utility of the most desirable alternative to a projected course of action.
Opportunity Cost: Definition and Guide - 2024 In economics, opportunity cost is the value of what you have to give up in order to choose something else. In a nutshell, it’s a value of the road not taken.Start your online business today. For free.Start free trial ...
DefinitionDefinition ofof opportunityopportunity cost cost A measure of the economic cost of using scarce resources(Factor Inputs) to produce one particular good or service in terms of the alternatives thereby foregone. Reference: Christopher Pass, Bryan Lo 3、wes, Leslie Davies. Collins Economics ...
Transaction costs are costs incurred that don’t accrue to any participant of the transaction. They aresunk costsresulting from economic trade in a market. In economics, the theory of transaction costs is based on the assumption that people are influenced by competitive self-interest. ...
What is the difference between the short-run and the long-run when it comes to economics? What is the definition of economic efficiency and how does it relate to marginal costs and benefits? What is the difference between "cost," "price," "worth," and "value" in te...
Inflation definition Inflation is a natural and healthy part of a growing economy, provided it stays under control and peoples’ salaries don’t lag behind the general rise in prices. Prices rise as populations grow, economies get richer, demand increases, and commodities get scarcer and more ex...
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005 cost-benefit analysis A decision-making tool that evaluates all the hard-dollar and economic consequence costs associated with pursuing a course of conduct against all the hard-dollar and economic consequence benefit...
Marginal-cost pricing, in economics, the practice of setting the price of a product to equal the extra cost of producing an extra unit of output. By this policy, a producer charges, for each product unit sold, only the addition to total cost resulting fr
In economics,riskdescribes the possibility that an investment's actual and projected returns will be different and that the investor may lose some or all of their capital. Opportunity cost reflects the possibility that the returns of a chosen investment will be lower than the returns of a forgone...
Scholars believe that cost accounting was first developed during the Industrial Revolution; the emerging economics of industrialsupplyanddemandforced manufacturers to start tracking their fixed and variable expenses to optimize their production processes.1 ...