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NORMAL PROFIT: The opportunity cost of using entrepreneurial abilities in the production of a good, or the profit that could have been received in another business venture. Like the opportunity costs of other resources, normal profit is deducted from revenue to determine economic profit. It is, however, never included as an accounting cost when accounting profit is computed.
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LABOR The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Kites rise highest against the wind, not with it. " -- Winston Churchill, British prime minister
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LIBOR
london Inter-Bank Offered Rate
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