Econ Chapter 13
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the amount of money a firm received from the sale of output
Entrepreneur's opportunity cost for using his or her resources in his/her business instead of using them somewhere else (ie entrepreneurs forgone salary, forgone interest rate, forgone rest)
"owner of a firm forgoes the opportunity to earn a large salary working for a wall street brokerage firm"
john owns a show shine business. his accountant most likely includes which of the following costs on the financial statement
cost of shoe polish
relationship between quantity of inputs to make a good and the quantity of output of that good
main goal is to max profit by max revenue or min total cost
the long run average total cost
follows the line below short run average cost
What would you like to do?
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