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economic profit
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Total revenue minus total cost, with total cost measured as the opportunity cost of production.
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implicit rental rate
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economic depreciation
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normal profit
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The return to entrepreneurship is profit, and the profit that an entrepreneur earns on average.
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technology
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technological efficiency
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economic efficiency
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command system
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incentive system
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principal agent problem
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perfect competition
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monopolistic competition
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product differentiation
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four firm concentration ratio
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The percentage of the value of sales accounted for by the four largest firms in an industry.
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HHI
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The square of the percentage market share of each firm summed over the largest 50 firms.
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transaction costs
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The costs that arise from finding someone with whom to do business, of reaching an agreement about the price and other aspects of the exchange, and of ensuring that the terms of the agreement are fulfilled.
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economies of scale
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When the cost of producing a unit of good falls as its output rates increases.
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economies of scope
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Using specialized resources to produce a range of goods and services.
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