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HISTORICAL COST: An accounting principle stating that expenses are recorded in terms of original or acquisition cost. Such a practice does not necessarily indicate the opportunity cost or current market value.
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OLIGOPSONY A market characterized by a small number of large buyers controlling the buying-side of a market. Oligopsony is the buying-side equivalent of a selling-side oligopoly. Much as a oligopoly is a market dominated by a few large sellers, oligopsony is a market dominated by a few large buyers. While oligopsony could be analyzed for any type of market it tends to be most relevant for factor markets in which a handful of firms control the buying of a factor. Two related buying side market structures are monopsony and monopsonistic competition.
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John Maynard Keynes was born the same year Karl Marx died.
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"If you worried about falling off the bike, you'd never get on. " -- Lance Armstrong, bicycle racer
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