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IMPLICIT 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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CURRENT SURPLUS OF GOVERNMENT ENTERPRISES The excess of revenue over cost received by government-operated firms that sell their output through markets and otherwise operate like private, profit-oriented firms. This is one component of the official entry government subsidies less current surplus of government enterprises found in the National Income and Product Accounts maintained by the Bureau of Economic Analysis, that separates national income (the resource cost of production) and gross (and net) domestic product (the market value of production).
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Defeat is simply a signal to press onward." -- Helen Keller, lecturer, author
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MLE
Maximum Likelihood Estimator
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