econ201 terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | goods to which we have a strong taste to have
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| show | goods we like to have
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| fixed costs | show 🗑
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| variable costs | show 🗑
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| show | sum of fixed costs and variable costs.
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| show | AFC= Fixed cost / Total output
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| Average variable cost (AVC) | show 🗑
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| show | ATC = Total cost / Total output or ATC = AFC + AVC.
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| MC | show 🗑
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| MR | show 🗑
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| Accounting cost | show 🗑
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| Economic cost | show 🗑
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| show | Accounting cost + implicit costs
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| show | the costs of the self-employed labor, self-owned capital …etc.
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| show | Take a retrospective view of a firm’s finances, Their purpose is to evaluate past performance, Equate cost with actual expenses and depreciation expenses, Depreciation expenses are calculated according to tax rules
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| show | Forward-looking view of the firm’s finances, Purpose to evaluate future profitability, Equate costs with opportunity costs because the firm rearranges resources to minimize cost and increase expected profitability.
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| show | The cost = actual expenses + opportunity costs of own time, money, materials and buildings. Depreciation expenses = actual wear or tear.
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| show | Marginal Revenue = ΔTR / ΔQ = ΔTC / ΔQ = Marginal Cost
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| The second profit maximization rule | show 🗑
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| Loss with no Shutdown | show 🗑
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| Normal econ profit | show 🗑
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| show | ATC * q = P*q or TC = TR
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| show | 1.The number of firms in a product’s market. 2. The relative size of firms in this market (market concentration).
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| show | 1.Number of firms in the market. 2. Size of each firm in the market. 3.Barriers of entry 4. Availability of substitute goods or product differentiation
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| Concentration Ratio: C4 | show 🗑
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| Measure of Industry concentration | show 🗑
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| Company’s total share of market | show 🗑
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| The Herfindahl–Hirschman index (HHI) | show 🗑
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| The four-firm concentration ratio | show 🗑
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