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11 relations: Cost, Cost of goods sold, Economics, Explicit cost, Factors of production, Land (economics), Opportunity cost, Profit (accounting), Profit (economics), Theory of imputation, Total cost.
Cost
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore.
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Cost of goods sold
Cost of goods sold (COGS) refers to the carrying value of goods sold during a particular period.
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Economics
Economics is the social science that studies the production, distribution, and consumption of goods and services.
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Explicit cost
An explicit cost is a direct payment made to others in the course of running a business, such as wage, rent and materials, as opposed to implicit costs, which are those where no actual payment is made.
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Factors of production
In economics, factors of production, resources, or inputs are which is used in the production process to produce output—that is, finished goods and services.
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Land (economics)
In economics, land comprises all naturally occurring resources as well as geographic land.
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Opportunity cost
In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice in terms of the best alternative while making a decision.
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Profit (accounting)
Profit, in accounting, is an income distributed to the owner in a profitable market production process (business).
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Profit (economics)
In economics, profit in the accounting sense of the excess of revenue over cost is the sum of two components: normal profit and economic profit.
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Theory of imputation
The theory of imputation is based on the so-called theory of factors of production proposed by the French economist Jean-Baptiste Say and elaborated by the American economist John Bates Clark in his work The Distribution of Wealth (1899; Russian translation, 1934).
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Total cost
In economics and cost accounting, total cost (TC) describes the total economic cost of production and is made up of variable costs, which vary according to the quantity of a good produced and include inputs such as labor and raw materials, plus fixed costs, which are independent of the quantity of a good produced and include inputs (capital) that cannot be varied in the short term, such as buildings and machinery.
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