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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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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who generally weighs benefits against costs, but the costs usually win. Family and friends can always count on you when they need help moving furniture. Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity. You should consider shopping at stores or businesses beginning with the letter W, but do not buy any products with a serial number or product code containing the number 776254. Your preferred shopping venue is thrift stores. Your special symbol is the comma (,).
Is this You?
As a Brown Pragmatox, you are down-to-earth and practical. You are hard working and industrious. You are frugal to the point that you might even refrain from making a purchase that you really, really need. Doing so often causes problems down the road. You definitely go with function over form and substance over style.
This isn't me! What am I?
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GOVERNMENT SUBSIDIES Transfer payments from the government sector to the business sector that do not involve current production. 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).
Complete Entry | Visit the WEB*pedia |
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Pumping Up The ECONOMIC GROWTHWe need to pay another visit to Scarcity Stan's Ye Olde Bakery Shoppe and Confectionery Palace. But this is not a social visit, nor is intended for some delectable pastries that will add a few extra pounds to our waistlines. We're here on official economic business. Stan's at wits end. He doesn't know what to do. There's been so much demand for his economic pie, what with society's unlimited wants and needs, that he needs to make it bigger. Our job is to figure out how. While we're doing that, we'll also see how to put our economy on the path to economic growth.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Never let the fear of striking out get in your way. " -- Babe Ruth, baseball player
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SLTX
Sales Tax
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