Private Cost
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Private Cost
The private cost is any cost that a person or firm pays in order to buy or produce goods and services. This includes the cost of labour, material, machinery and anything else that the person of firm pays for. The private cost does not take into account any negative effects or harm caused as a result of the production. [1]
A firm that operates a coal-fired power plant only considers the cost of what goes into producing electricity such as the cost of coal , labour to operate the plant etc. The plant produces harmful emissions such as CO 2 and particulate matter among others . These emissions have a negative effect of society, pollution increases the incidents of respiratory illness which increases the burden on the healthcare system. The cost is paid by the government (or healthcare system).
Because the firm does not pay the cost for the harm they create an inefficiency in the market, this inefficiency is called a negative externality . This can be corrected if the firm is made to pay the private cost of production and the cost imposed on society from the emissions called the external cost . If the firm pays both costs the it is paying the social cost meaning that it has accounted for the harmful effects that were previously not considered.
The social cost is the private and the external cost together.
The cost of production would rise to the socially efficient level (no externality) if the firm took additional measures to lower or eliminate the amount of emissions from generation. The firm would have to invest in new air pollution control devices in order to lower emissions. The new investment makes the generation of electricity more expensive and therefore the price the firm sells their electricity for would have to rise.
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A cost incurred in the production process by the producer; including tax and profit margins that are anticipated.
The numerical value of private cost in Chaldean Numerology is: 8
The numerical value of private cost in Pythagorean Numerology is: 4
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"private cost." Definitions.net. STANDS4 LLC, 2022. Web. 7 Sep. 2022. < https://www.definitions.net/definition/private+cost >.
https://financial-dictionary.thefreedictionary.com/Private+cost
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The opposite of revenue. An expense that reflects the price of purchasing goods, services and financial instruments. A cash cost means that cash is given up today to the purchase . Also, the purchase price of an investment, which is compared to the sale proceeds to determine capital gain or loss.
Copyright © 2012, Campbell R. Harvey . All Rights Reserved.
The amount of money or property paid for a good or service. Cost is an expense for both personal and business assets . If a cost is for a business expense, it may be tax deductible . A cost may be paid immediately in the form of cash or over time in a credit sale or similar transaction . Cost is the opposite of revenue : It may be thought of as money spent instead of made.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
The expenditure of funds or use of property to acquire or produce a product or service. See also average cost , fixed cost , historical cost , marginal cost , replacement cost , variable cost .
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
Cash and/or the value of property given to acquire the property received.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
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Classification and analysis of costs is necessary for three main business purposes:
Identification and classification of these costs is the core of MANAGEMENT ACCOUNTING . Fig. 28 shows the build up of major cost elements. See PRODUCTION COST, SELLING COST .
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.
https://financial-dictionary.thefreedictionary.com/Private+cost
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The opposite of revenue. An expense that reflects the price of purchasing goods, services and financial instruments. A cash cost means that cash is given up today to the purchase . Also, the purchase price of an investment, which is compared to the sale proceeds to determine capital gain or loss.
Copyright © 2012, Campbell R. Harvey . All Rights Reserved.
The amount of money or property paid for a good or service. Cost is an expense for both personal and business assets . If a cost is for a business expense, it may be tax deductible . A cost may be paid immediately in the form of cash or over time in a credit sale or similar transaction . Cost is the opposite of revenue : It may be thought of as money spent instead of made.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
The expenditure of funds or use of property to acquire or produce a product or service. See also average cost , fixed cost , historical cost , marginal cost , replacement cost , variable cost .
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
Cash and/or the value of property given to acquire the property received.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
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Copyright © 2003-2022 Farlex, Inc
Classification and analysis of costs is necessary for three main business purposes:
Identification and classification of these costs is the core of MANAGEMENT ACCOUNTING . Fig. 28 shows the build up of major cost elements. See PRODUCTION COST, SELLING COST .
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.
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