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IMPLICIT OPPORTUNITY COST: An opportunity cost that does NOT involve a money payment or a market transaction. This should be contrasted with explicit cost that DOES involve a money payment or a market transaction. The common misconception among non-economists out there in the real world is that the term "cost" is synonymous with the term "payment," that is, all costs are explicit costs, to be a cost you have to give up some money. Well, I'm here to tell you that this isn't true. Cost is opportunity cost. It's the satisfaction NOT received from activities NOT pursued. It's the value of foregone production. And not all opportunity costs involve a money payment.
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ECONOMY The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"If you don't make mistakes, you aren't really trying." -- Coleman Hawkings,musician
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WLS
Weighted Least Squares
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