An aspect of cost important in economic analysis is Another consideration involves the cost of externalities—that is, the costs that are imposed either intentionally or unintentionally on others. Capital costs include the costs of land, guideways, structures, stations, and rolling stock (vehicles); operating costs include labour to operate the vehicles, maintain the system, and manage the enterprise; energy;… Our editors will review what you’ve submitted and determine whether to revise the article.More conventionally, cost has to do with the relationship between the value of production inputs and the level of output.





Use 'economic cost' in a Sentence

Ordinarily, costs refer to the money expenses incurred by a firm in the production process. Definition: The Average Cost is the per unit cost of production obtained by dividing the total cost (TC) by the total output (Q). Economic cost includes opportunity cost, unlike accounting cost, which only takes into account the amount of money spent.Economic cost is the accounting cost (explicit cost) plus the opportunity cost (implicit cost). Here, costs include imputed value of the entrepreneur’s own resources and services, as well as the salary of the owner-manager.



cost. Subsequently, millions more patients would have received important treatment.Roger Launius, Space History Curator at the Smithsonian’s National Air and Space Museum, said:“People endlessly debate this stuff. In other words, for each dollar spent, the economy gains from $8 to $10.Perhaps, in hundreds or thousands of years’ time, our Earth will become uninhabitable. Is it worth spending all that money, and using up scientific knowledge time and resources?Is it worth exploring something which over the medium-term will not help improve human life on Earth much?Wouldn’t it be better to spend all those R&D hours and trillions of dollars on other things?
In business, cost is usually a monetary valuation of (1) effort, (2) material, (3) resources, (4) time and utilities consumed, (5) risks incurred, and (6) opportunity forgone in … Also known as opportunity cost, economic cost is the value you give up when you choose one economic activity over the next best economic activity. Treating obesity and obesity-related conditions cost the US economy about $190 billion in 2005.“The enormity of this economic burden and the huge toll that excess weight takes on health and well-being are beginning to raise global political awareness that individuals, communities, states, nations, and international organizations must do more to stem the rising tide of obesity.” However much of a commodity a business firm produces, it endeavours to produce it as cheaply as possible.


The economic cost of the well is the opportunity cost plus the accounting cost.Before making decisions about spending money and dedicating time to something, we should look at the economic cost. The costs of providing mass transportation services are of two types, capital and operating. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. An amount that has to be paid or given up in order to get something. Definition. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica.Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox.

Maybe a massive asteroid will strike, or climate change will be too severe.If that happens, and we migrate to other planets, we’ll be glad we’d spent money on space exploration.Economic cost can also refer to how much it costs us to deal with the consequences of a problem.Obesity has health consequences, but also economic ones. The sacrifice involved in performing an activity, or following a decision or course of action.

The first is cost—of far greater importance in industrial, large-scale synthesis than in laboratory work in which a particular synthesis may be carried out only once, as in the total synthesis of a naturally occurring compound, and which in any case is likely to be on a relatively… Thus, it is also called as Per Unit Total Cost. All Rights Reserved. The economic cost includes the accounting cost, or actual funds spent carrying out the action, and the opportunity cost, or the amount of money that could have been made by using funds and other resources dedicated to the action on some other objective.

It’s not open-and-shut.”The total (inflation-adjusted) amount of money spent by NASA on space exploration from 1958 to 2014 was estimated to be more than $900 billion.Professor Wallace Fowler, Director of the Texas Space Grant Consortium, Prof. Fowler claims the total economic benefit of each dollar spent on the space program is between $8 and $10. If we approve Project A, will the economic cost be better than other available alternatives?One of the most heated debates in the world is space exploration and its economic cost. Get exclusive access to content from our 1768 First Edition with your subscription. https://marketbusinessnews.com/financial-glossary/economic-cost For example, wouldn’t the world be better off if we used that money to build new hospitals?Imagine the benefits for low-income countries if all space exploration money went to creating irrigation systems.What if all that money had gone into finding a cure for cancer or a clean source of energy?Those $209 billion would have built 41,800 teaching hospitals at $5 million each. By per unit cost of production, we mean that all the fixed and variable cost is taken into the consideration for calculating the average cost. But in economics, cost is used in a broader sense. Such …





© 2020 - Market Business News. Taking the quality of the product and the prices of the productive factors as given, which is the usual situation, the firm’s task… In a basic economic sense, cost is the measure of the alternative opportunities foregone in the choice of one good or activity over others. Cost, in common usage, the monetary value of goods and services that producers and consumers purchase. You can make a case on both sides. Capital costs include the costs of land, guideways,...


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