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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, 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 more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for mail order catalogs with hidden messages.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"Defeat is not the worst of failures. Not to have tried is the true failure." -- George E. Woodberry, Author
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AIO
Action Information Organization
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