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DEVALUATION: The act of reducing the price (exchange rate) of one nation's currency in terms of other currencies. This is usually done by a government to lower the price of the country's exports and raise the price of foreign imports, which ultimately results in greater domestic production. The short- and long-run consequences of devaluation are described in the entry on the J curve. A government devalues its currency by actively selling it and buying foreign currencies through the foreign exchange market.
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, 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 more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for celebrities who speak directly to you through your television.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude. " -- Colin Powell, general
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ACRS
Accelerated Cost Recovery System
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