1. TFC: Total Fixed Cost

2. TVC: Total Variable Cost

3. TC: Total Cost

4. AC: Average Cost

5. AFC: Average Fixed Cost

6. AVC: Average Variable Cost

7. MC: Marginal Cost

8. TP: Total Production

9. AP: Average Production

10. MP: Marginal Production

11. MR: Marginal Revenue

12. AR: Average Revenue

13. TR: Total Revenue

Western economics refers to the economic paradigm that has emerged and is popular in Western countries. It is a conceptual paradigm, not limited to geographical terms. Since the implementation of the policy of reform and opening up, the new liberalism economics that has become popular in China also belongs to the category of Western economics. Western economics is often referred to as the "mainstream economics" due to its emphasis on the study of market mechanisms and is also known as market economics. Adam Smith's "The Wealth of Nations", published in 1776, marks the beginning of Western economics after more than 200 years of development.

The "invisible hand" is an English term that refers to the concept proposed by the classical economist Adam Smith in "The Wealth of Nations". This theory suggests that the development of a nation's economy should not be intervened by the government, but should be guided by the overall social demand. This social demand is considered as the "invisible hand" that regulates the market.

Economics, as a discipline, has its origins in the 15th century and was established in the 18th century. It has been recognized as an important theory, concepts, policy positions, and analytical methods that explain economic operations and national regulations, which were integrated and systematized until the 19th century. It is often referred to as the "king of social sciences".

Economics is a fundamental course required in Chinese universities for majors in finance, economics, and management. It introduces economic theories and policies, studying both ancient and modern household management and diverse business operations, as well as interpreting the increasing economic regulation by the government. It praises the efficiency advantages of the "invisible hand" of the price mechanism, while also harshly analyzing the numerous defects of market mechanisms in resource allocation in many fields.

Economics covers a wide range of areas, including microeconomics, macroeconomics, mathematical economics, dynamic economics, welfare economics, and the history of economic thought, etc. It is mainly divided into microeconomics and macroeconomics.

Microeconomics is the science that studies the rational allocation of economic resources by families, firms, and markets. It focuses on the economic behavior of individual units, with the main issue being the efficient allocation of resources, and the central theory being price theory, with a focus on quantitative analysis and the basic assumptions of market clearing, perfect rationality, and full information.

Macroeconomics studies the overall operation of the national economy to make full use of economic resources. It focuses on the overall operation of the national economy, with the main issue being the full utilization of resources, and the central theory being the theory of national income determination, using total analysis methods, with the basic assumption of market failure and effective government intervention.

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