opportunity cost of resources employed by a firm that takes the form of cash payments.

a firm's total revenue minus its explicit costs.

the opportunity cost of the capital used by a business -- the income the owner could have realized from that capital if it had been used in its next best alternative way

a firm's total revenue minus its explicit & implicit costs.

a firm's opportunity cost of using its own resources or those provided by its owners without a corresponding cash payment.

the value of the assets of a business -- equipment, buildings, tools, inventory, and financial assets

the total satisfaction a consumer derives from consumption; it could refer to either this of consuming a particular good or the this from all consumption.

the change in total utility generated by consuming one additional unit of that good or service

each successive unit of a good or service consumed adds less to total utility than the previous unit

shows the consumption bundles available to a consumer who spends all of his or her income

the additional cost incurred by doing one more unit of that activity

when each additional unit of the activity costs more than the previous unit

how the cost of undertaking one more unit of an activity depends on the quantity of that activity that has already been done

the additional benefit derived from undertaking one more unit of that activity

when each additional unit of the activity produces less benefit than the previous unit

shows how the benefit from undertaking one more unit of an activity depends on the quantity of that activity that has already been done

the quantity that generates the maximum possible total net gain

the optimal quantity of an activity is the quantity at which marginal benefit is equal to marginal cost

a cost that has already been incurred and is nonrecoverable (should be ignored in decisions about future actions)

the price, calculated as a percentage of the amount borrowed, charged by the lender

the value of $1 realized one year from now is equal to $1/(1+r); the amount of money you must lend out today in order to have $1 in one year

present value of current and future benefits minus the present value of current and future costs

a measure of the satisfaction the consumer derives from consumption of goods and services

the collection of all the goods and services consumed by that individual

the total utility generated by his or her consumption bundle

a unit of utility

requires that the cost of a consumer's consumption bundle be no more than the consumer's total income

the set of all consumption bundles that can be consumed given the consumer's income and prevailing prices

the consumption bundle that maximizes the consumer's total utility given his or her budget constraint

when a consumer maximizes utility, the marginal utility per dollar spent must be the same for all goods and services in the consumption bundle

the relationship between quantity demanded and price for an individual consumer

a change in the price of a good us the change in the quantity consumed of that good as the consumer substitutes the good that has become relatively cheaper in place of the good that has become relatively more expensive

a change in the quantity consumed of that good results from a change in the consumer's purchasing power due to the change in the price of the good