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SLOPE, AGGREGATE DEMAND CURVE: The aggregate demand curve has a negative slope, reflecting the inverse relation between the price level and aggregate expenditures on real production. A higher price level is related to fewer aggregate expenditures and a lower price level is related to greater aggregate expenditures. The three reasons underlying the negative slope of the AD curve and the inverse relation between the price level and aggregate expenditures on real production are: real-balance effect; interest-rate effect; and net-export effect.
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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Fact 7: Our Circular WorldOur little excursion through the economy has had, thus far, its ups and downs. My cable bill remains permanently confused and my checking account has a large property-tax created imbalance, but at least the pain in my tooth stops before hitting my toes. I think we deserve a little rest and relaxation at the Shady Valley's own tourist mecca, Happy-Time Gala-World Fun-Land Extravaganza Amusement Park. Let's take a brief respite from our pedestrian trek and give the soles of our jogging shoes a well-deserved rest. The Happy-Time Gala-World Fun-Land Extravaganza Amusement Park has the world famous Monster Loop Death Plunge roller coaster, guaranteed to make riders yearn for the pleasures of a Siberian forced labor camp. There's also the Enchanted Haunted Horror House filled with serial killers, chainsaw murders, and IRS auditors. For the more timid, and fortunately, for those more interested in the workings of our economy, the merry-go-round is the ride of choice. Two familiar faces are enjoying the circular trip on their fiberglass ponies. The slender guy with the bushy mustache is Dan Dreiling, the drywall man. I had him repair a hole in my living room wall caused by an over-excited vacuum cleaner a few months back. The disgusted look on his dusty face tells me that I must have overlooked his $100 bill. The other recognizable rider is Pollyanna Pumpernickel a precocious pet store owner who has somehow neglected to pay me the $100 due for hamster-sitting services which I rendered a few weeks ago. Her furtive glances suggest that she is well aware of her liability.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"You don't have to be a fantastic hero to do certain things - to compete. You can be just an ordinary chap, sufficiently motivated to reach challenging goals." -- Sir Edmund Hillary, Explorer
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IRT
International Trade Commission
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