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ECONOMIC COST: Another term for opportunity cost (the highest valued alternative foregone in the pursuit of an activity) that is used in the study of economics to indicate the fundamental role opportunity cost plays in economics. The value expressed in terms of satisfaction of the foregone activity is your opportunity cost. Because there are usually several alternatives that aren't pursued, opportunity cost is the highest-valued one. An opportunity cost is sometimes compensated with some form of payment, like a wage. However, the existence of an opportunity cost is independent of any actual cash outlay.
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COMPETITIVE MARKET A market with a large number of buyers and sellers, such that no single buyer or seller is able to influence the price or control any other aspect of the market. That is, none of the participants have significant market control. A competitive market achieves efficiency in the allocation of scarce resources if no other market failures are present.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for poorly written technical manuals.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"Democracy is based on the conviction that man has the moral and intellectual capacity . . . to govern himself with reason and justice. " -- Harry Truman, 33rd U.S. president
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OPBU
Operating Budget
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