The Economic Content, Typology and Size of Costs. Minimizing Costs

Mihaela Nicoara ()
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Mihaela Nicoara: "Dimitrie Cantemir" Christian University

Knowledge Horizons - Economics, 2013, vol. 5, issue 3, 123-126

Abstract: The economic management requires strictly measuring the costs, as a starting point in calculating the selling price, in choosing the best production alternative, in substantiating the resource consumption. Any entity will seek to maximize profits and minimize costs. Not in all circumstances does an increase in the size of the companies reduces costs and achieves savings. It all depends on the efficiency evolution of the used inputs. The economic entity may use the following ways to reduce production costs: laying in prod factors at the lowest price possible, reducing stocks, reducing specific raw materials consumption, reducing operation costs and improving the equipment’s usage degree etc.

Keywords: Production cost; explicit cost; implicit cost; fixed cost variable cost; total cost (search for similar items in EconPapers)
JEL-codes: J30 (search for similar items in EconPapers)
Date: 2013
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