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ACCOUNTING PROFIT: The difference between a business's revenue and it's accounting expenses. This is the profit that's listed on a company's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. It frequently has little relationship to a company's economic profit because of the difference between accounting expense and the opportunity cost of production. Some accounting expense is not an opportunity cost and some opportunity cost is does not show up as an accounting expenses.
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INDUCED IMPORTS Imports from the foreign sector that depend on domestic income or production (especially national income and gross domestic product). That is, changes in income induce changes in imports. Induced imports are measured by the marginal propensity to import (MPM) and are reflected by a positive slope of imports line. Induced imports are the reason for induced net exports, generating a negatively sloped net exports line. Autonomous net exports are due to a combination of autonomous exports and autonomous imports.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"In every man's life there lies latent energy. There is, however, a spark that, if kindled, will set the whole being afire, and he will become a human dynamo, capable of accomplishing almost anything to which he aspires. " -- James Cash Penney, retailer
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BPEA
Brookings Papers on Economic Activity
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