|
|
BALANCE OF TRADE: The difference between funds received by a country when exporting merchandise and the funds paid for importing merchandise. The balance of trade is a major part of the current accounts portion of the balance of payments. A balance of trade surplus results if exports exceed imports, commonly termed a favorable balance of trade, and a balance of trade deficit exists if imports exceed exports, analogously termed an unfavorable balance of trade. The "favorable" and "unfavorable" normative connotations attached to the balance of trade rests with the presumption that a nation is "better off" when it exports more than it imports, which is not necessarily true.
Visit the GLOSS*arama
|
|
|
|
                          
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. See also | production | opportunity cost | economic cost | accounting profit | economic profit | normal profit | profit | Internal Revenue Service | x-inefficiency | economist |
Recommended Citation:ACCOUNTING COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 5, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: accounting cost
Search Again?
Back to the GLOSS*arama
|
|
|
WORLD VIEW An aspect of a scientific theory that includes fundamental, and unverifiable, axioms, beliefs, and values about how the world works. One example of an unverifiable world view axiom is belief in the existence of a supreme, omnipotent, omniscience being--that is, God. Political philosophies, which are essential to economic theories and policies, are intertwined with alternative world views.
Complete Entry | Visit the WEB*pedia |
|
|
|
John Maynard Keynes was born the same year Karl Marx died.
|
|
|
"Each of us is issued but one life, and we know full well how it all ends. It would be regrettable to squander this one chance on someone else's appearance, someone else's experience. " -- Joseph Brodsky, Writer
|
|
GDI
Gross Domestic Income
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
