the ability to produce a good at a lower opportunity cost than another country can
the usual return for enterprise in alternative businesses needed to persuade an entrepreneur to continue production
all the legal claims that non-owners hold against a particular firm
income from trading activities
the excess income of a firm after everything has been paid for
an agreement to borrow money, esp. so as to buy a house, and pay interest on it to the lender over a period of years
expenses which do not vary with the volume of goods produced
a financial statement summarising what a firm owns and what it owes at a given point in time
a summary of all the transactions which took place between the individuals, firms, and government unit of one nation and those in all other nations during a year
a financial statement summarising net cash flow from operating, investing, and financing activities
the sums owed to a firm by its customers
the legal minimum that may be paid for one hour of labour
(see Net worth) - the difference between total assets and total liabilities (the amount of money accruing to owners of a firm in the event of liquidation)
the difference between total assets and total liabilities (the amount of money accruing to owners of a firm in the event of liquidation)
the extra cost of increasing the output by one more unit
the amount of money a worker gets for each unit (ussually an hour) of work
a system of recording business transactions by debits and credits that are of equal dollar (or other currency) amounts
exchange rate fixed at a predetermined level
revenue minus cost of sales
costs applicable to general, administrative, and selling activities of a business
an unfavourable, negative balance of trade, that is the excess of imports of goods and services over the exports of goods and services
the time period that is not long enough to permit changes in some of the important economic conditions facing a decision maker
the forgone benefits of alternative uses for productive resources that are owned by the producer and for which no direct, monetary payments are made
a tax system in which tax rates rise as incomes rise
the rate at which the tax is paid on each additional unit of taxable income
the percentage paid in tax
amounts owed in dollars (or other currencies) or services due within one year
the exports of goods of a nation less imports of goods
(see Economic profit) - the difference between total revenue and economic cost for a firm
assets not having physical existence (goodwill, licence, trademark, etc.)
the sum of all fixed and variable costs
(see Gross profit) - revenue minus cost of sales
a financial statement summarising a firm´s trading performance over the past year
the part of the balance of payments statement that lists all long-term flows of payments from the purchase of sale of real or financial assets
products a firm has for sale
income in constant prices, nominal income adjusted for inflation
the difference between total revenue and economic cost for a firm (also called pure profit)
the cost, expressed in units of money, of making or obtaining goods or services
factor market in which individuals supply labour services for wages to firms that demand labour services
(see Net income) - the excess income of a firm after everything has been paid for
the part of the balance of payments statement that lists currently produced goods and services and represents all short-term flows of payment
the difference between a firm´s total revenue and its explicit (accounting) costs
(see Income statement) - a financial statement summarising a firm´s trading performance over the past year
cash or other assets that will be turned into cash or used up in one year through the operation of the business
benefit of one nation over others that allows it to manufacture more output because it has a particular resource or commodity in greater quantity than the other countries
the change in total revenue associated with one additional unit of input
a favourable, positive balance of trade, that is the excess of exports of goods and services over the imports of goods and services
all opportunity costs of producing a good with scarce resources, whether money payments are made for these resources or not
the cost per unit of output
(see Accounting cost) - the cost, expressed in units of money, of making or obtaining goods or services
a flexible exchange rate fluctuating according to market forces without any government interventions
expenses that vary with changes in the level of a firm´s output
unpaid bills of a company to its customers
the total amount received by a firm
the amount of money income received in a given time period, measured in current prices