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ACCOUNTING PROFIT: The difference between a business's revenue and it's accounting expenses. This is the profit that's listed on a company's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. It frequently has little relationship to a company's economic profit because of the difference between accounting expense and the opportunity cost of production. Some accounting expense is not an opportunity cost and some opportunity cost is does not show up as an accounting expenses.
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LAW OF DEMAND The inverse relationship between demand price and the quantity demanded, assuming ceteris paribus factors are held constant. This fundamental economic principle indicates that a decrease the price of a commodity results in an increase in the quantity of the commodity that buyers are willing and able to purchase in a given period of time, if other factors are held constant. The law of demand is one of the most important principles found in the study of economics.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a stretchable, flexible watch band or high-gloss photo paper that works with your printer. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"The difference between the impossible and the possible lies in a person's determination. " -- Tommy Lasorda
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GATT
General Agreementon Tariffs and Trade
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