Posted in Economics

Econ 5.3 Vocab

26. Fixed Costs (FC): prices that don’t ever change الأسعار التي لا تتغير

27.Variable Costs (VC): production costs that change when the level of production changes

يكلف هذا التغيير

28. Total Costs (TC): FC + VC إجمالي التكاليف

29.Marginal Costs (MC): the EXTRA cost of producing one additional unit of output

تكاليف إضافية

30.Additional: more than before إضافي

31. E-commerce: online buying and selling اعمال تجاريه عبر الانترنت

32.Operate: how something runs/works

33.Inventory: the number of products a business has available المخزون

34. Break-even point: when TC = TR

35. Total Revenue (TR): total amount a business earns إجمالي الإيرادات

36. Marginal Revenue (MR): the EXTRA revenue from the sale of one additional unit of output إيرادات إضافية

37. Marginal Analysis (MA): decision making regarding extra costs and benefits to be gained

38. Profit maximizing: when the firm has reached its highest total profit (MC = MR)

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