Micro

It is used by economists, looks at both explicit and implicit cost

• Accounting Costs

• Economic Costs

• Production Costs

refers to the money a firms spend on input costs

• Sunk Costs

• Implicit costs

• Explicit Costs

expenditure that a company has already made and cannot be recover.

• Sunk Costs

• Opportunity Costs

• Additional Costs

The additional cost of producing one more unit of a good or service.

• Marginal Cost

• Variable Cost

• Fixed Cost

It is impossible to produce more of one good without producing less of another.

• Allocative Efficiency

• Dynamic Efficiency

• Productive Efficiency

measures the sensitivity of quantity demanded to changes in the price.

• Price Elasticity of Supply

• Price Elasticity of Demand

• Income Elasticity of Demand

Demand has an inverse relation to changes in price.

• True

• False

Minimizing of taxes

• Tax Avoidance

• Sin Tax

• Tax Evasion

Amount of resources willingly to provide/purchase goods, labor, raw materials.

• Total Revenue

• Supply

• HAKDOG

Any very small change in price results in a very large changes in quantity demand.

• Perfectly Inelastic

• Perfectly Elastic

• Relatively Elastic