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Economic cost A payment that must be made to obtain and retain the services of a resource; the income a firm must provide to a resource supplier to attract the resource away from an alternative use
Explicit cost The monetary payment made by a firm to an outsider to obtain a resource
Implicit cost The monetary income a firm sacrifices when it uses a resource it owns rather than supplying the resource in the market; equal to what the resource could have earned in the best-paying alternative employment; includes a normal profit
Accounting profit The total revenue of a firm after its explicit costs; the profit (or net income) that appears on an accounting statements and that is reported to the government for tax purposes
Normal profit The payment made by a firm to obtain and retain entrepreneurial ability; the minimum income that entrepreneurial ability must receive to induce entrepreneurs to provide their entrepreneurial ability to a firm
Economic profit The return flowing to those who provide the economy with the economic resource of entrepreneurial ability; the total revenue of a firm after its economic costs (which includes both explicit and implicit costs); also called pure profit/above-normal profit
Short run In microeconomics, a period of time in which producers are able to change the quantities of some but not all of the resources they employ; a period in which some resources (usually plant) are fixed and some are variable
Long run In microeconomics, a period of time long enough to enable producers of a product to change the quantities of all the resources they employ, so that all resources and costs are variable and no resources or costs are fixed
Total product (TP) The total output of a particular good or service produced by a firm (or a group of firms or the entire economy)
Marginal product (MP) The additional output produced when 1 additional unit of a resource is employed (the quantity of all other resources employed remaining constant); =the change in total product over change in the quantity of a resource employed
Average product (AP) The total output produced per unit of a resource employed (total product divided by the quantity of that resource employed)
Law of diminishing returns The principle that as successive increments of a variable resource are added to a fixed resource, the marginal product of the variable resource will eventually decrease
Created by: SpanishAccount33



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