Economics: Concepts of Costs in 10 minutes

Shubham Kalra, Major in Economics, Founder at Eduspred

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3 Videos (12m)
    • Meaning of Cost in Economics

    • Fixed cost and Variable cost

    • Total cost and Marginal cost


About This Class

In Economics, we have a very specific way of defining costs that entrepreneurs and managers should consider (but they don't always). 

Let me ask you a question here: If you own the building or land that you are using for business then would you add the rent of that building/land while calculating your costs? 
Probably not, because you are not paying the rent explicitly. Right? 

Well, according to the meaning of costs in Economics, that would be an error. In Economics, we not only care about explicit costs but implicit costs as well..! 

These economic terms and concept might look heavy and confusing right now, however, jump right into the first lecture and I am sure it will start making sense. 

Let's get started!  






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Shubham Kalra

Major in Economics, Founder at Eduspred

Shubham Kalra has a Masters in Economics from Delhi School of Economics and has worked as a Business Analyst in HSBC - one of the largest banking and financial services organizations in the world.

He has done research projects in Education and Infrastructure Sector in India involving field work and analysis of data. He holds a diploma in Financial Planning and has good understanding of Risk Management concepts and Financial Instruments as well.

He loves teaching and has been tea...

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