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ECONOMIC GROWTH: The long-run expansion of the economy's ability to produce output. This is one of five economic goals, specifically one of the three macro goals (stability and full employment are the other two). Economic growth is made possible by increasing the quantity or quality of the economy's resources (labor, capital, land, and entrepreneurship).
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for vindictive digital clocks with revenge on their minds.
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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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"Being defeated is only a temporary condition; giving up is what makes it permanent." -- Marilyn vos Savant, Author
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LPG
Liquid Petroleum Gas
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