Flashcards - Costs in Economics

Flashcards - Costs in Economics
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Cost accounting
Cost accounting is a process of collecting, recording, classifying, analyzing, summarizing, allocating and evaluating various alternative courses of action & control of costs
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Cost accounting
Cost accounting is a process of collecting, recording, classifying, analyzing, summarizing, allocating and evaluating various alternative courses of action & control of costs
theory of transaction cost economics
In economics and related disciplines, a transaction cost is a cost incurred in making an economic exchange of some sort, or in other words the cost of participating in a market
marginal cost
In economics, marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good

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