variable cost

TC total cost

Total cost = fixed cost+variable cost

marginal cost

AFC average fixed cost

Average (total) cost of communication

Relationship: total cost tc, variable cost vc, fixed cost fc, average variable cost avc, average fixed cost afc, average cost ac,

Marginal cost mc. △tc/△q=mc，tc/q=ac，fc/q=afc，vc/q=avc，tc/q=vc/q+fc/q

Western economics refers to the political economy paradigm that appears and prevails in western countries, and in a narrow sense refers to the western bourgeois political economy paradigm.

Broadly speaking, it includes the Marxist political economy paradigm. Western economics and eastern economics are different economic paradigms. western economics

It is mainly a paradigm concept, not just a regional concept. China's neo-liberal economics, which has been popular since the reform and opening up, also belongs to western classics.

Economics.

Extended data:

1, basic definition

Western economics, applied to western market economy countries, is called "mainstream economics" at present, and it is also called market economics because it pays special attention to the study of market mechanism. Marked by the publication of Adam Smith's The Wealth of Nations in 1776, western economics has experienced ups and downs for more than 200 years.

In this neither too long nor too short historical process, from Adam Smith, david ricardo, Say, Mill, Malthus and Marshall to Keynes, milton friedman, Samuelson, Lucas and Stiglitz, there are countless western economists. From classical economics and neoclassical economics to Keynesian economics, neoclassical macroeconomics and neo-Keynesian economics, there are many schools of western economics.

A hundred flowers blossom and a hundred schools of thought contend, which brings constant innovation and development of western economics, so that western economic literature is called "economic empire"

2. Research content

The English-Chinese Dictionary of Securities Investment by the Commercial Press is interpreted as "the invisible hand". The classical economist Adam Smith put forward the theory in The Wealth of Nations that the development of national economy should not be interfered by the government, but should be chosen by the needs of the whole society. This social demand is considered as the "invisible hand" to regulate the market.

Economics refers to economic theories and policy propositions popular in developed countries in Western Europe and North America. Economics came into being in15th century. /kloc-since the establishment of economics in the 0/8th century, especially since the 1970s, important theories, concepts, policy propositions and analytical methods that can explain economic operation and state regulation have been comprehensively and systematically formed. Known as the "king of social science".

References:

Baidu Encyclopedia-Western Economics