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...
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
History of Cost Accounting 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 ...
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...
Definition of economics opportunity cost The opportunity cost of an action is the value of the next-best alternative that must be given up in order to undertake that action. the loss of other alternatives when one alternative is chosen.
Labour Studies Group, Department of Applied Economics, Cambridge, Abolition and After: Paper Box Wages Council, Research Paper No. 12, Department of Employ... In this paper, first we introduce a dual definition of the Factor Content of Trade (FCT) using the concept of the equivalent autarky ...
1.(Economics) a.the basic cost of the food, clothing, shelter, and fuel necessary to maintain life, esp at a standard regarded as basic or minimal b.(as modifier):the cost-of-living index. 2.(Economics) the average expenditure of a person or family in a given period ...
Manufacturing cost refers to the expenses incurred during the production process of a new product, including design, materials, labor, and equipment capital, which are essential for the assembly of custom fabricated and commercially produced items. ...
1)As a firm gets larger, there may be decreasing returns to the entrepreneur function, that is, the costs oforganizing additional transactionswithin the firm may rise. 2)As the transactions which are organized increase, the entrepreneur fails to place the factors of production in the uses where...
The capital cost involves the cost of the process units, utilities, security and environmental facilities, storage and handling facilities, civil work, buildings and infrastructure.Table 16.2gives a cost breakdown of a typical European refinery with conversion units to maximize motor gasoline production....