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ACCOUNTING COST: The actual outlays or expenses incurred in production that shows up a firm's accounting statements or records. Accounting costs, 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 primarily interested in economic cost (also called opportunity cost). That fact is that accounting costs and economic costs aren't always the same. An opportunity or economic cost is the value of foregone production. Some economic costs, actually a lot of economic opportunity costs, never show up as accounting costs. Moreover, some accounting costs, while legal, bonified payments by a firm, are not associated with any sort of opportunity cost.
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INNOVATION The initial application of new products, technologies, and ideas that usually generate a beneficial improvement in society and the economy. In contrast to an invention, which is the act of creation, an innovation is the implementation of a product, technology, or idea. Innovations are changes in existing institutions and the status quo, prompted by risk-taking entrepreneurs, that promote prosperity and improved living standards.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for broken fingernail clippers.
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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.
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"I believe that every right implies a responsibility, every opportunity, an obligation, every possession, a duty. " -- John D. Rockefeller, industrialist
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ASX
Australian Stock Exchange
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