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ACCOUNTING COST: The actual outlays or expenses incurred in production that shows up a firm's accounting statements or records. Accounting costs, 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 primarily interested in economic cost (also called opportunity cost). That fact is that accounting costs and economic costs aren't always the same. An opportunity or economic cost is the value of foregone production. Some economic costs, actually a lot of economic opportunity costs, never show up as accounting costs. Moreover, some accounting costs, while legal, bonified payments by a firm, are not associated with any sort of opportunity cost.
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FIRST RULE OF SCARCITY The first of seven basic rules of the economy, stating that the world is faced with limited resources but unlimited wants and needs satisfied from these resources. Scarcity is THE economy problem upon which the entire study of economics is built. A primary implication of scarcity is that the pursuit of an activity results in an opportunity cost.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for attractive cable television service repair people.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"If you wouldn't write it and sign it, don't say it." -- Earl Wilson, Columnist
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AFA
Advertising Federation of America
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