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HISTORICAL COST: An accounting principle stating that expenses are recorded in terms of original or acquisition cost. Such a practice does not necessarily indicate the opportunity cost or current market value.
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POSITIVE ECONOMICS The branch of economics that seeks to explain the way the economy actually operates. It is the application of the scientific method and the process of testing hypothesis to economic phenomena. A positive economic statement is one that can be refuted by looking at the real world--that is, by testing a hypothesis.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Argue for your limitations, and sure enough, they're yours." -- Richard Bach
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SNP
Seminonparametric
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