KC3 Vocab

KC3 Vocab

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

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25 questions

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1.

FLASHCARD QUESTION

Front

Accounting Profit

Back

A business's revenue minus the explicit cost and depreciation.

2.

FLASHCARD QUESTION

Front

Economic Profit

Back

A business's revenue minus the opportunity cost of resources; usually less than the accounting profit.

3.

FLASHCARD QUESTION

Front

Explicit Cost

Back

A cost that involves actually laying out money.

4.

FLASHCARD QUESTION

Front

Implicit Cost

Back

A cost that does not require the outlay of money; it is measured by the value, in dollar terms, of forgone benefits.

5.

FLASHCARD QUESTION

Front

Marginal Cost

Back

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

6.

FLASHCARD QUESTION

Front

Marginal Benefit

Back

The additional benefit derived from producing one more unit of a good or service.

7.

FLASHCARD QUESTION

Front

Principle of Marginal Analysis

Back

The proposition that the optimal quantity is the quantity at which marginal benefit is equal to marginal cost.

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