Vocab Flashcards
1
Q
Total cost
A
The amount a firm pays to buy inputs
2
Q
Profit
A
A firms total revenue minus it’s total cost
3
Q
Implicit cost
A
Input costs that do not require an outlay of money by the firm
4
Q
Explicit costs
A
Input costs that require an outlay of money by the firm
5
Q
Total revenue
A
The amount a firm may receive for the sale of its output
