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DEBIT CARD: An increasing popular means of accessing the funds in a bank checking account. While debit cards look (and taste) almost exactly like credit cards, they are fundamentally different in how they are processed on a bank's end of the transaction. A credit card works through a liability (a loan with the bank). A debit card works through an asset (a checkable deposit with the bank). As such, debit cards are better suited for the title "plastic money" than credit cards.
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ECONOMIC COST An alternative term for opportunity cost, which is the highest valued alternative foregone in the pursuit of an activity. Opportunity cost, or economic cost, is one of the most fundamental concepts used in the study of economics, hence the reason it is also termed economic cost. Economic, or opportunity cost is also commonly termed just cost.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"The ideals that have lighted my way, and time after time have given me new courage to face life cheerfully, have been kindness, beauty and truth. " -- Albert Einstein, physicist
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FHLBB
Federal Home Loan Bank Board
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