valley. (building construction). An inside angle formed where two sloping sides intersect. (geography). A generally broad area of flat, low-lying land bordered by higher ground.
In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods or services.
A list and definition of different types of economic costs. Fixed Costs (FC). The costs which donât vary with changing output. Fixed costs might include the cost of building a factory, insurance and legal bills.Even if your output changes or you donât produce anything, your fixed costs stays the same.conomic cost includes both the actual direct costs (accounting costs) plus the opportunity cost. For example, if you take time off work to a training scheme. You may lose a weeks pay Â£350, plus also have to pay the direct cost of Â£200. Thus the total economic cost = Â£550.