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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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TAX EFFICIENCY

Taxes, mandatory payments used to finance government operations, inherently disrupt the allocation of resources. This disruption might be good, correcting an otherwise inefficient allocation caused by pollution or market control. However, for an already efficiency allocation, a tax creates and inefficient wedge between the demand price and the supply price. This tax is generally paid partially by buyers and partially by sellers, which the tax incidence. Inefficiency arises because a tax reduces the total amount of consumer surplus and producer surplus, which is deadweight loss.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for the last item on a shelf.
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Lombard Street is London's equivalent of New York's Wall Street.
"Don't judge each day by the harvest you reap, but by the seeds you plant."

-- Robert Louis Stevenson, Author

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