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NATURAL UNEMPLOYMENT: The combination of frictional and structural unemployment that persists in an efficient, expanding economy when labor and resource markets are in equilibrium. Natural unemployment exists when the economy is at full employment, which for practical purposes is defined as the condition in which the quantity of resources demanded is equal to the quantity of resources supplied. Most important for policy purposes, natural employment exists with stable prices, that is, no inflation.
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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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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for jovial bank tellers.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"I do the best I know how, the very best I can, and I mean to keep doing so until the end. " -- Abraham Lincoln, 16th US president
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SEHK
Stock Exchange of Hong Kong
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