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While waiting in line to buy one cheeseburger for $1.50 and a medium drink for $1.00, Sally notices that she could get a value meal that contains both the cheeseburger and medium drink and also a medium order of fries for $2.75. She thinks to herself, "Is it worth the extra 25 cents to get the medium fries?" To an economist, Sally's decision is an example of
Total Costs
The complete cost of production that includes both fixed and variable costs.
Tax
Tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.
Software Package
A bundle of software components or programs that are designed to work together to perform a specific function or set of functions.
Cost Plus Pricing
A pricing strategy where the selling price of a product is determined by adding a specific markup to its production cost.
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