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  2. Glossary of economics - Wikipedia

    en.wikipedia.org/wiki/Glossary_of_economics

    Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...

  3. Economics terminology that differs from common usage

    en.wikipedia.org/wiki/Economics_terminology_that...

    In common usage, "significant" usually means "noteworthy" or "of substantial importance". In econometrics—the use of statistical techniques in economics—"significant" means "unlikely to have occurred by chance". For example, suppose one wishes to find if the minimum wage rate affects firms' decisions on how much labor to hire. If the data ...

  4. Indirect costs - Wikipedia

    en.wikipedia.org/wiki/Indirect_costs

    In construction, the costs of materials, labor, equipment, etc., and all directly involved efforts or expenses for the cost object are direct costs. In manufacturing or other non-construction industries the portion of operating costs that is directly assignable to a specific product or process is a direct cost. [ 1 ]

  5. Economies of scope - Wikipedia

    en.wikipedia.org/wiki/Economies_of_scope

    Economies of scope is an economic theory stating that average total cost (ATC) of production decrease as a result of increasing the number of different goods produced. [2] For example, a gas station primarily sells gasoline, but can sell soda, milk, baked goods, etc. and thus achieve economies of scope since with the same facility, each new ...

  6. Expense - Wikipedia

    en.wikipedia.org/wiki/Expense

    An expense report is a form of document that contains all the expenses that an individual has incurred as a result of the business operation. For example, if the owner of a business travels to another location for a meeting, the cost of travel, the meals, and all other expenses that he/she has incurred may be added to the expense report.

  7. Transaction cost - Wikipedia

    en.wikipedia.org/wiki/Transaction_cost

    In economics, a transaction cost is a cost incurred when making an economic trade when participating in a market. [1]The idea that transactions form the basis of economic thinking was introduced by the institutional economist John R. Commons in 1931.

  8. Implicit cost - Wikipedia

    en.wikipedia.org/wiki/Implicit_cost

    [2] Lipsey (1975) uses the example of a firm sitting on an expensive plot worth $10,000 a month in rent which it bought for a mere $50 a hundred years before. If the firm cannot obtain a profit after deducting $10,000 a month for this implicit cost, it ought to move premises (or close down completely) and take the rent instead. [ 1 ]

  9. Capital expenditure - Wikipedia

    en.wikipedia.org/wiki/Capital_expenditure

    Capital expenditures are the funds used to acquire or upgrade a company's fixed assets, such as expenditures towards property, plant, or equipment (PP&E). [3] In the case when a capital expenditure constitutes a major financial decision for a company, the expenditure must be formalized at an annual shareholders meeting or a special meeting of the Board of Directors.