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October 18, 2026 

AmosWEB means Economics with a Touch of Whimsy!

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INCOME STATEMENT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, earnings report, and operating statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.

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ECONOMICS

A social science that studies the allocation of limited resources used to produce the goods and services that satisfy unlimited consumer wants and needs. Economics is one of several social sciences (others are sociology, political science, and anthropology) which applies the scientific method to human behavior. The distinguishing feature of economics is a concern with the fundamental problem of scarcity--unlimited wants and needs and limited resources. Economics is commonly divided into two branches--macroeconomics and microeconomics.

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Today, you are likely to spend a great deal of time watching infomercials trying to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

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