Opportunity costs

Economic Cost

is the combination of gains and losses of any goods that have a value attached to them by any one individual.

Implicit Costs

is the opportunity cost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay rent.

Accounting Cost

is the total amount of money or goods expended in an endeavour recorded in journal entries and ledgers.

Accounting Profit

is the total earnings of a company, only looking at the income and expenses.

Opportunity Cost

is the value (not a benefit) of the choice of a best alternative cost while making a decision.

Real Cost

is when the price of a good or other entity has been adjusted for inflation, enabling comparison of quantities as if prices had not changed.

Factors Of Production

are what is used in the production process to produce output—that is, finished goods and services.

Utility

is a measure of preferences over some set of goods and services; it represents satisfaction experienced by the consumer from a good.

Economic Profit

is profit in the accounting sense of the excess of revenue over cost is the sum of two components: normal profit and economic profit.

Scarcity

refers to the limited availability of a commodity, which may be in demand in the market.