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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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NATIONALIZATION

The process in which a national government takes over the ownership of a private business or industry, usually, but not always, in conjunction with a major revolution that establishes a communist or socialist command economy.

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Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for small children selling products door-to-door.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"How wonderful it is that nobody need wait a single moment before starting to improve the world."

-- Anne Frank

ABA
American Bankers Association, Associate in Business Administration
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