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ALLOCATION: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity. An allocation is efficient if the resources, goods, and services are distributed according to the economy's highest valued uses.

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COST

An alternative term for economic or opportunity cost, which is the highest valued alternative foregone in the pursuit of an activity. Opportunity cost is one of the most fundamental concepts used in the study of economics, hence when the term cost is used in the study of economics without modification, it usually means economic or opportunity cost.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for cardboard boxes.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"When one door closes another door opens; but we do often look so long and so regretfully upon the closed door, that we do not see the ones which open for us. "

-- Alexander Graham Bell, inventor

ACCR
Annual Cost of Capital Recovery
A PEDestrian's Guide
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