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CLASSICAL ECONOMICS: A body of economic thought originating with the work of Adam Smith based on the idea that the operation of unrestricted markets generates aggregate or national production that fully utilizes the economy's resources and maintains full employment. The three primary assumptions of classical economics are flexible prices, Say's law, and the saving-investment equality.
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ACCOUNTING PROFIT The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for slightly overweight pizza delivery guys.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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NBV
Net Book Value
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