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HISTORICAL COST: An accounting principle stating that expenses are recorded in terms of original or acquisition cost. Such a practice does not necessarily indicate the opportunity cost or current market value.
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PRODUCT INNOVATION An innovation of a new product, technology, or idea that generates a beneficial improvement in society and the economy; one that is fundamentally different from existing products, technologies, or ideas. The contrast is with a process innovation, which is an improvement in an existing product, technology, or idea.
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John Maynard Keynes was born the same year Karl Marx died.
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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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ICCH
International Commodities Clearing House
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