modul New Uzbekistan

VOCABULARY
Macroeconomic- makroiqtisodiyot
Non-profit organizations- notijorat tashkilotlar
Economic Research – iqtisodiy tadqiqot
Economic indicators - iqtisodiy ko’rsatkichlar
Unemployment rate- ishsizlik foizi
Coincident – to’g’ri keladigan, mos keladigan
Stock market – fond birjasi


Questions
1. What is economic indicators?
2. Whats are signs of a troubled economy?
3. What analysis do economic indicators allow?
4. How many types of economic indicators are there?

1.19 –modul

Costs in the Short Run. Gram: Determiners and pronouns II. All, most, some, no and none.

Short Run Cost refers to a certain period of time where at least one input is fixed while others are variable.

In the short-run period, an organisation cannot change the fixed factors of production, such as capital, factory buildings, plant and equipment, etc. However, the variable costs, such as raw material, employee wages, etc., change with the level of output.
Similarly, when demand falls, the firm would reduce the work hours or output, but cannot downsize its plant. Therefore, in the short run only variable factors are changed, while the fixed factors remain unchanged. Let us discuss the cost-output relations in the short run.
What is Short Run Cost Types? There are basically three types of short run costs:
- Short Run Total Cost
-Short Run Average Cost
-Short Run Marginal Cost
The total cost refers to the actual cost that is incurred by an organisation to produce a given level of output. The Short-Run Total Cost (SRTC) of an organisation consists of two main elements:
1. Total Fixed Cost (TFC): These costs do not change with the change in output. TFC remains constant even when the output is zero. TFC is represented by a straight line horizontal to the x-axis (output).
2. Total Variable Cost (TVC): These costs are directly proportional to the output of a firm. This implies that when the output increases, TVC also increases and when the output decreases, TVC decreases as well.