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ECONOMIC COST: Another term for opportunity cost (the highest valued alternative foregone in the pursuit of an activity) that is used in the study of economics to indicate the fundamental role opportunity cost plays in economics. The value expressed in terms of satisfaction of the foregone activity is your opportunity cost. Because there are usually several alternatives that aren't pursued, opportunity cost is the highest-valued one. An opportunity cost is sometimes compensated with some form of payment, like a wage. However, the existence of an opportunity cost is independent of any actual cash outlay.
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DEADWEIGHT LOSS The decrease in the sum of consumer surplus and producer surplus that results from the imposition of a tax. When a tax drives a wedge between demand price and supply price it disrupts what otherwise would be an efficient market equilibrium. Inefficiency arises because while a portion of the sum of consumer and producer surplus is merely transferred to government, a portion of this sum also disappears. The part that disappears is the deadweight loss and is an indicator of the inefficiency of the tax.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have." -- Fredrick Koeing
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NASD
National Association of Securities Dealers
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