Term
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Definition
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Term
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Definition
| physical and mental work hours |
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Term
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Definition
| Goods used to produce other goods |
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Term
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Definition
| talent to put together factors of production to produce goods and services |
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
| Entrepreneurship earns... |
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Definition
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Term
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Definition
| Costs paid in money (see them in accounting books) |
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Term
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Definition
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Term
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Definition
| wages you could earn in the 2nd best alternative |
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Term
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Definition
| interest you could earn but didn't |
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Term
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Definition
| Additional income you could get leasing your land |
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Term
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Definition
| Change in value of your capital |
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Term
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Definition
| Profit you could earn in the other alternative employment |
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Term
| Opportunity (economic) Costs |
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Definition
| Explicit + Implicit Costs |
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Term
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Definition
| TR - economic costs (opportunity costs) |
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Term
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Definition
| TR - Explicit (accounting) costs |
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