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LIMITED LIABILITY COMPANY: A relatively new legal firm type that operates very much like a partnership, but in which every owner has limited liability. The advantage of a limited liability company, over a limited partnership, is that every owner has limited liability. It also has advantages over an S corporation in that very few restrictions exist on who can be an owner.
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ECONOMIC PROFIT The difference between the total opportunity cost of production and the total revenue received by a firm. Economic profit is what remains after ALL opportunity cost associated with production (including a normal profit) is deducted from the revenue generated by the production. Economic profit is one of three alternative notions of profit. The other two are accounting profit and normal profit.
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Al Capone's business card said he was a used furniture dealer.
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"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking." -- Earl Nightingale
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M1
currency and coins held by the nonbank public plus checkable deposits issued by traditional banks, savings and loan associations, credit unions, and mutual savings banks
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