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.
Definition of Economic costs. Â· Fixed Costs: These are fixed costs that do not vary with output. E.g. cost of building a factory. Â· Variable Costs: These are costs that do vary with output. E.g. electricity, raw materials. Â· Total Costs: Fixed + variable costs.