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ACCOUNTING PROFIT: The difference between a business's revenue and it's accounting expenses. This is the profit that's listed on a company's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. It frequently has little relationship to a company's economic profit because of the difference between accounting expense and the opportunity cost of production. Some accounting expense is not an opportunity cost and some opportunity cost is does not show up as an accounting expenses.
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ECONOMY The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for the last item on a shelf.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"You can't use up creativity. The more you use, the more you have. " -- Maya Angelou, poet
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AFC
Average Fixed Cost
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