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.
1. (Economics) of or relating to an economy, economics, or finance: economic development; economic theories. 2. (Commerce) Brit capable of being produced, operated, etc, for profit; profitable: the firm is barely economic. 3. (Economics) concerning or affecting material resources or welfare...
Explain Economic Cost and economic Profit. Define economic profit. The correct definition of economic is ___. Define economics. In economic terms, define what money is. What are the economic costs of monopoly? Define : Economic Model. Define the term 'economy'. What is the definition of econ...
Economic theory states that consumers use economic decision-making principles such as trade-offs, giving something up to get something, marginal cost analysis, and consumer response to incentives when making purchasing decisions. The economic decision-making principles are detailed below. Buyers Making Tr...
These include: Common Types of Economic Analysis Cost-Benefit Analysis Lesson Summary Register to view this lesson Are you a student or a teacher? I am a student I am a teacher Create an account to start this course today Used by over 30 million students worldwide Create an account ...
The field of development economics is concerned with the causes of underdevelopment and with policies that may accelerate the rate of growth of per capita income. While these two concerns are related to each other, it is possible to devise policies that are likely to accelerate growth (through,...
Implicit contract theories, noting the considerable duration of most labour contracts, account for it as a necessary cost in the effort to overcome the difficulty of monitoring an employee’s performance. That wages do not fall to levels that might, according to orthodox theory, eliminate ...
What is the definition of economic recession?When the government imposes higher interest rates, the cost of money rises, thus lowering consumer and government borrowing. Consumer confidence is declining, thus lowering the demand for goods and services. Furthermore, the financing of business operation ...
aggregate demand, and the supply of goods and services, tend to show sustained uptrends through the expansionary stage. The flow of money through the economy remains healthy and the cost of money is cheap. However, the increase in the money supply may spurinflationduring the economic growth phas...
Accounting depreciation is the process of allocating the cost of an asset over the course of its useful life so as to align its expenses with revenue generation. Businesses also create accounting depreciation schedules with tax benefits in mind since depreciation on assets is deductible as a ...