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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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MOBILITY The movement of factors of production from one productive activity to another. In particular, mobility is the ease with which resources can change production activities. Mobility generally takes one of two forms--geographic mobility (movement from place to place) and occupational mobility (movement from job to job). Mobility is a key determinant of factor supply.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for malfunctioning pocket calculators.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, philosopher
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WPO
Weakly Pareto Optimal
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