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  2. Explicit cost - Wikipedia

    en.wikipedia.org/wiki/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, [1] as opposed to implicit costs, where no actual payment is made. [2] It is possible still to underestimate these costs, however: for example, pension contributions and other "perks" must be taken into account when ...

  3. Ramsey–Cass–Koopmans model - Wikipedia

    en.wikipedia.org/wiki/Ramsey–Cass–Koopmans_model

    Phase space graph (or phase diagram) of the Ramsey model. The blue line represents the economy's dynamic adjustment (or saddle) path in which all the constraints present in the model are satisfied. It is a stable path of the dynamic system. The red lines represent dynamic paths ruled out by the transversality condition.

  4. Robinson Crusoe economy - Wikipedia

    en.wikipedia.org/wiki/Robinson_Crusoe_economy

    For example, in public finance the Robinson Crusoe economy is used to study the various types of public goods and certain aspects of collective benefits. [2] It is used in growth economics to develop growth models for underdeveloped or developing countries to embark upon a steady growth path using techniques of savings and investment.

  5. Economic model - Wikipedia

    en.wikipedia.org/wiki/Economic_model

    An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical , framework designed to illustrate complex processes.

  6. Models of communication - Wikipedia

    en.wikipedia.org/wiki/Models_of_communication

    Shannon–Weaver model of communication [86] The Shannon–Weaver model is another early and influential model of communication. [10] [32] [87] It is a linear transmission model that was published in 1948 and describes communication as the interaction of five basic components: a source, a transmitter, a channel, a receiver, and a destination.

  7. Profit (economics) - Wikipedia

    en.wikipedia.org/wiki/Profit_(economics)

    In economics, profit is the difference between revenue that an economic entity has received from its outputs and total costs of its inputs, also known as surplus value. [1] It is equal to total revenue minus total cost, including both explicit and implicit costs.

  8. Economic cost - Wikipedia

    en.wikipedia.org/wiki/Economic_cost

    Shows a firm's Economic Costs in the "Short Run" - which, as defined, contains at least 1 "Fixed Cost" that cannot be changed or done away with even if the firm goes out of business (stops producing) Variable cost: Variable costs are the costs paid to the variable input. Inputs include labor, capital, materials, power and land and buildings.

  9. Edgeworth box - Wikipedia

    en.wikipedia.org/wiki/Edgeworth_box

    Edgeworth's original two-axis depiction was developed into the now familiar box diagram by Pareto in his 1906 Manual of Political Economy and was popularized in a later exposition by Bowley. The modern version of the diagram is commonly referred to as the Edgeworth–Bowley box. [6]