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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.
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ECONOMIC PROFIT The difference between the total opportunity cost of production and the total revenue received by a firm. Economic profit is what remains after ALL opportunity cost associated with production (including a normal profit) is deducted from the revenue generated by the production. Economic profit is one of three alternative notions of profit. The other two are accounting profit and normal profit.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for telephone calls from long-lost relatives.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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OBX
Oslo Stock Exchange (Norway)
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