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IMPLICIT OPPORTUNITY COST: An opportunity cost that does NOT involve a money payment or a market transaction. This should be contrasted with explicit cost that DOES involve a money payment or a market transaction. The common misconception among non-economists out there in the real world is that the term "cost" is synonymous with the term "payment," that is, all costs are explicit costs, to be a cost you have to give up some money. Well, I'm here to tell you that this isn't true. Cost is opportunity cost. It's the satisfaction NOT received from activities NOT pursued. It's the value of foregone production. And not all opportunity costs involve a money payment.
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HORIZONTAL EQUITY A tax equity principle stating that people with the same ability to pay taxes should pay the same amount of taxes. This is one of two equity principles related to the ability-to-pay principle. The other is vertical equity, which states that people with a different ability to pay taxes should pay a different amount of taxes.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"The way employees treat customers reflects the manner in which they're treated by management. " -- James Perkins, president, Cornell University
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IS-LM
Investment/Saving-Liquidity/Money
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