economics

The difference between total revenue and total opportunity cost

The study of how to direct scarce resources in the way that most efficiently achieves a managerial goal.

A person who directs resources to achieve a stated goal

The total amount of money taken in from sales (total revenue, or price times quantity sold) minus the dollar cost of producing goods or services.

The cost of the explicit (or accounting) and implicit resources that are forgone when a decision is made.

 occurs because of the competing interests of consumers and producers

reduces the negotiating power of consumers in the marketplace.

This signal to resource holders where resources are most highly valued by society

this disciplining device functions only when multiple sellers of a product compete in the marketplace

The science of making decisions in the presence of scarce resources