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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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FALLACY OF FALSE AUTHORITY The logical fallacy of arguing that something is "correct" or "true" because an "expert" in an unrelated area says so. This is commonly used by both advertisers, politicians, and anyone who relies an "apparent expert" for the "correct" answers to controversial issues.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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BAE
Bureau of Agricultural Economics
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