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DEMAND SCHEDULE: A table that illustrates the alternative quantities of a commodity demanded at different prices.

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IMPLICIT COST

An opportunity cost that does not involve a monetary payment or any other form of compensation. The monetary payment that is often made to compensate the person who initially foregoes the satisfaction is not made for implicit cost. There is no payment to transfer the burden of the opportunity cost from the original person to someone else. Implicit cost is also occasionally termed implicit opportunity cost.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for pencil sharpeners with an attitude.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"I can feel guilty about the past, apprehensive about the future, but only in the present can I act."

-- Abraham Maslow, Psychologist

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