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ACCOUNTING COST: The actual outlays or expenses incurred in production that shows up a firm's accounting statements or records. Accounting costs, 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 primarily interested in economic cost (also called opportunity cost). That fact is that accounting costs and economic costs aren't always the same. An opportunity or economic cost is the value of foregone production. Some economic costs, actually a lot of economic opportunity costs, never show up as accounting costs. Moreover, some accounting costs, while legal, bonified payments by a firm, are not associated with any sort of opportunity cost.
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BANKS Financial intermediaries that function as depository institutions, maintaining deposits, making loans, and directly controlling the checkable deposits portion of the economy's money supply. As financial intermediaries, banks match up lenders and borrowers, using deposits for loans. However, banks are also responsible for maintaining liquid checkable deposits that are used as money for the economy. The generic term "banks" or "commercial banks" is used in reference to traditional banks, as well as checking-account issuing thrift institutions--credit unions, savings and loan associations, and mutual savings banks.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for crowded shopping malls.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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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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BLS
Bureau of Labor Statistics
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