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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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LAND

The naturally occurring resources used in the production of goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above. Land also includes the productive dimensions of space and accessibility. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and entrepreneurship.

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Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for high interest rates.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"The greatest barrier to success is the fear of failure."

-- Sven Goran Eriksson, writer

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