Economic cost | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-03-25

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Economic_cost


00:00:34 Example
00:01:39 Aspects of economic costs
00:02:37 fixed costs divided by output. AFC
00:03:00 variable costs divided by output. AVC



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SUMMARY
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Economic cost is the combination  losses of any goods that have a value attached to them by any one individual. Economic cost is used mainly by economists as means to compare the prudence of one course of action with that of another. The goods to be taken into consideration are e.g. money, time and resources.
The comparison includes the gains and losses precluded by taking a course of action, as those of the course taken itself. Economic cost differs from accounting cost because it includes opportunity cost.