Econ Chapter 13

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"

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

follows the line below short run average cost