substitution cost

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• Cost-of-production theory of value — In economics, the cost of production theory of value is the theory that the price of an object or condition is determined by the sum of the cost of the resources that went into making it. The cost can compose any of the factors of production… …   Wikipedia

• Cost of living index — A cost of living index is a theoretical price index that measures relative cost of living over time. There are many different methodologies that have been developed to approximate cost of living indexes, including methods that allow for… …   Wikipedia

• Cost-of-living index — A cost of living index is a theoretical price index that measures relative cost of living over time or regions. It is an index that measures differences in the price of goods and services, and allows for substitutions to other items as prices… …   Wikipedia

• Import substitution industrialization — (also called ISI) is a trade and economic policy based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. Adopted in many Latin American countries from the 1930s… …   Wikipedia

• Marginal Rate of Substitution — The rate at which an individual must give up “good A” in order to obtain one more unit of “good B”, while keeping their overall utility (satisfaction) constant. The marginal rate of substitution is calculated between two… …   Investment dictionary

• Penal substitution — is a theory of the atonement within Christian theology, especially associated with the Reformed tradition. It argues that Christ, by his own sacrificial choice, was punished (penalised) in the place of sinners (substitution), thus satisfying the… …   Wikipedia

• elasticity of substitution — elasˌticity of substiˈtution noun [uncountable] ECONOMICS the degree to which one input can be replaced by another. For example, in producing goods, if the cost of wages increases and the cost of machinery and capital used to pay for it stays the …   Financial and business terms

• Total Resource Cost (TRC) Test —   A ratio used to assess the cost effectiveness of a demand side management program. Although this economic desirability test provides information about the relative merits of different DSM programs, several important issues are not addressed in… …   Energy terms

• Social cost — In economics social cost is defined as the sum of private and external costs. Economic theorists ascribe individual decision making to a calculation costs and benefits. Rational choice theory assumes that individuals only consider their own… …   Wikipedia

• Haldane's dilemma — refers to a limit on the speed of beneficial evolution, first calculated by J. B. S. Haldane in 1957, and clarified further by later commentators. Creationists, and proponents of intelligent design in particular, claim it remains unresolved and a …   Wikipedia

• production, theory of — ▪ economics Introduction       in economics, an effort to explain the principles by which a business firm decides how much of each commodity that it sells (its “outputs” or “products”) it will produce, and how much of each kind of labour, raw… …   Universalium