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In common usage, as in accounting usage, cost typically does not refer to implicit costs and instead only refers to direct monetary costs. The economics term profit relies on the economic meaning of the term for cost. While in common usage, profit refers to earnings minus accounting cost, economists mean earnings minus economic cost or ...
Primary, or "statistical" sources are data that are collected primarily for creating official statistics, and include statistical surveys and censuses. Secondary, or "non-statistical" sources, are data that have been primarily collected for some other purpose (administrative data, private sector data etc.).
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.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Total cost of ownership (TCO) is a financial estimate intended to help buyers and owners determine the direct and indirect costs of a product or service. It is a management accounting concept that can be used in full cost accounting or even ecological economics where it includes social costs .
Economic data are data describing an actual economy, past or present. These are typically found in time-series form, that is, covering more than one time period (say the monthly unemployment rate for the last five years) or in cross-sectional data in one time period (say for consumption and income levels for sample households).
True Cost Accounting (TCA) is an accounting approach that measures and values the hidden impacts of economic activities on the environment, society and health. TCA is also referred to as “full cost accounting” (FCA) or “multiple capital accounting (MCA)”. [ 1 ]
IAS 16 permits two accounting models for measurement of the asset in periods subsequent to its recognition, namely the cost model and the revaluation model. [ 7 ] Under the cost model , the carrying amount of the asset is measured at cost less accumulated depreciation and eventual impairment (similar to the inventory's Lower of cost or market ...