ExternalityIn economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's (or parties') activity. Externalities can be considered as unpriced goods involved in either consumer or producer market transactions. Air pollution from motor vehicles is one example. The cost of air pollution to society is not paid by either the producers or users of motorized transport to the rest of society. Water pollution from mills and factories is another example.
BusA bus (contracted from omnibus, with variants multibus, motorbus, autobus, etc.) is a road vehicle that carries significantly more passengers than an average car or van. It is most commonly used in public transport, but is also in use for charter purposes, or through private ownership. Although the average bus carries between 30 and 100 passengers, some buses have a capacity of up to 300 passengers. The most common type is the single-deck rigid bus, with double-decker and articulated buses carrying larger loads, and midibuses and minibuses carrying smaller loads.
CostIn production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer.
Marginal costIn economics, the marginal cost is the change in the total cost that arises when the quantity produced is incremented, the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. As Figure 1 shows, the marginal cost is measured in dollars per unit, whereas total cost is in dollars, and the marginal cost is the slope of the total cost, the rate at which it increases with output.
Articulated busAn articulated bus, also referred to as a slinky bus, banana bus, bendy bus, artic bus, tandem bus, double bus, vestibule bus, wiggle wagon, stretch bus, sausage bus or an accordion bus, (either a motor bus or trolleybus) is an articulated vehicle used in public transportation. It is usually a single-decker, and comprises two or more rigid sections linked by a pivoting joint (articulation) enclosed by protective bellows inside and outside and a cover plate on the floor.
Cost curveIn economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve. Profit-maximizing firms use cost curves to decide output quantities. There are various types of cost curves, all related to each other, including total and average cost curves; marginal ("for each additional unit") cost curves, which are equal to the differential of the total cost curves; and variable cost curves.
School busA school bus is any type of bus owned, leased, contracted to, or operated by a school or school district. It is regularly used to transport students to and from school or school-related activities, but not including a charter bus or transit bus. Various configurations of school buses are used worldwide; the most iconic examples are the yellow school buses of the United States which are also found in other parts of the world.
Bus laneA bus lane or bus-only lane is a lane restricted to buses, often on certain days and times, and generally used to speed up public transport that would be otherwise held up by traffic congestion. The related term busway describes a roadway completely dedicated for use by buses, whilst bus gate describes a short bus lane often used as a short cut for public transport. Bus lanes are a key component of a high-quality bus rapid transit (BRT) network, improving bus travel speeds and reliability by reducing delay caused by other traffic.
Opportunity costIn microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would have been had by taking the second best available choice. The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen.
Environmental economicsEnvironmental economics is a sub-field of economics concerned with environmental issues. It has become a widely studied subject due to growing environmental concerns in the twenty-first century. Environmental economics "undertakes theoretical or empirical studies of the economic effects of national or local environmental policies around the world. ... Particular issues include the costs and benefits of alternative environmental policies to deal with air pollution, water quality, toxic substances, solid waste, and global warming.
Cost–benefit analysisCost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy.
Cost accountingCost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs". Often considered a subset of managerial accounting, its end goal is to advise the management on how to optimize business practices and processes based on cost efficiency and capability.
Cost-effectiveness analysisCost-effectiveness analysis (CEA) is a form of economic analysis that compares the relative costs and outcomes (effects) of different courses of action. Cost-effectiveness analysis is distinct from cost–benefit analysis, which assigns a monetary value to the measure of effect. Cost-effectiveness analysis is often used in the field of health services, where it may be inappropriate to monetize health effect.
Coase theoremIn law and economics, the Coase theorem (ˈkoʊs) describes the economic efficiency of an economic allocation or outcome in the presence of externalities. The theorem is significant because, if true, the conclusion is that it is possible for private individuals to make choices that can solve the problem of market externalities. The theorem states that if the provision of a good or service results in an externality and trade in that good or service is possible, then bargaining will lead to a Pareto efficient outcome regardless of the initial allocation of property.
Cost–utility analysisCost–utility analysis (CUA) is a form of economic analysis used to guide procurement decisions. The most common and well-known application of this analysis is in pharmacoeconomics, especially health technology assessment (HTA). In health economics, the purpose of CUA is to estimate the ratio between the cost of a health-related intervention and the benefit it produces in terms of the number of years lived in full health by the beneficiaries. Hence it can be considered a special case of cost-effectiveness analysis, and the two terms are often used interchangeably.
Mac MiniMac Mini (stylized as Mac mini) is a small form factor desktop computer developed and marketed by Apple Inc. , it is positioned between the consumer all-in-one iMac and the professional Mac Studio and Mac Pro as one of four current Mac desktop computers. Since launch, it has shipped without a display, keyboard, and mouse. The machine was initially branded as "BYODKM" (Bring Your Own Display, Keyboard, and Mouse) as a strategic pitch to encourage users to switch from Windows and Linux computers.
Mac OS X ServerMac OS X Server is a discontinued series of Unix-like server operating systems developed by Apple Inc. based on macOS. It provided server functionality and system administration tools, and tools to manage both macOS-based computers and iOS-based devices, network services such as a mail transfer agent, AFP and SMB servers, an LDAP server, and a domain name server, as well as server applications including a Web server, database, and calendar server.
Mac ProMac Pro is a series of workstations and servers for professionals made by Apple Inc. since 2006. The Mac Pro, by some performance benchmarks, is the most powerful computer that Apple offers. It is one of four desktop computers in the current Mac lineup, sitting above the Mac Mini, iMac and Mac Studio. Introduced in August 2006, the Mac Pro was an Intel-based replacement for the Power Mac line and had two dual-core Xeon Woodcrest processors and a rectangular tower case carried over from the Power Mac G5.
Mac (computer)The Mac, short for Macintosh (its official name until 1999), is a family of personal computers designed and marketed by Apple Inc. The product lineup includes the MacBook Air and MacBook Pro laptops, as well as the iMac, Mac Mini, Mac Studio and Mac Pro desktops. Macs are sold with the macOS operating system. The first Mac was released in 1984, and was advertised with the highly acclaimed "1984" ad. After a period of initial success, the Mac languished in the 1990s until the 1996 acquisition of NeXT brought Steve Jobs back to Apple.
MacOSmacOS (ˌmækoʊˈɛs; previously OS X and originally Mac OS X) is an operating system developed and marketed by Apple Inc. since 2001. It is the primary operating system for Apple's Mac computers. Within the market of desktop and laptop computers, it is the second most widely used desktop OS, after Microsoft Windows and ahead of Linux (including ChromeOS). macOS succeeded the classic Mac OS, a Mac operating system with nine releases from 1984 to 1999.
