Question

Econ. Chp. 4 Vocab:

Make visual notes, acronyms, symbols to help remember definitions

23) total costs -

24) marginal costs -

Answer 1

Total costs (TC - total cost) - costs associated with the use of all resources involved in the production of goods.

Costs can be explicit or implicit. Explicit costs are the costs of attracting various factors of production (resources).

marginal cost. 1) pl marginal [marginal] costs; incremental costs (an increase or decrease in total production costs with an increase or decrease in the volume of production per unit of product). 2) extremely high cost (exceeding which makes the enterprise unprofitable).