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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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MEDIUM OF EXCHANGE The money function in which money is widely accept in exchange for goods and services. For an asset to function as a medium of exchange it needs value in exchange, but not necessarily value in use. This is one of four basic functions of money. The other three are unit of account, store of value, and standard of deferred payment.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"The more you praise and celebrate your life, the more there is in life to celebrate." -- Oprah Winfrey
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Aggregate Supply-Aggregate Demand Model
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