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EXCHANGE RATE MECHANISM: The system used to link the euro to the currencies of European Union member nations that do not immediately participate in the use of the euro. Linkages with these non-participating European Union member nations is voluntary, but designed to ease their transition into full-blown use of the euro.
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, 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 more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope
This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Act well at the moment, and you have performed a good action for all eternity." -- Johann Kaspar Lavater
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SLLN
Strong Law of Large Numbers
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