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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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AUTONOMOUS SAVING Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"There are no shortcuts to any place worth going. " -- Beverly Sills, Opera singer
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TFC
Total Fix Cost
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