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SMITH, ADAM: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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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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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Our vision controls the way we think and, therefore, the way we act . . . The vision we have of our jobs determines what we do and the opportunities we see or don't see. " -- Charles Koch, executive
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Regional Check Processing Center
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