Google
Wednesday 
January 24, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
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.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 17: Money | Unit 2: More About Money Page: 4 of 25

Topic: Functions <=PAGE BACK | PAGE NEXT=>

Money has four important functions.

Four functions:

  1. Medium of exchange: Money makes it easier to buy, sell, produce, and consume goods and services.
  2. Measure of value: Prices are stated in terms of the monetary unit.
  3. Store of value: Value can be stored over time with money.
  4. Standard of deferred payment: Future payments are also in terms of the monetary unit.

Page ahead for details.


Course Home | Lesson Menu | Page Back | Page Next

LAND

The naturally occurring resources used in the production of goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above. Land also includes the productive dimensions of space and accessibility. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and entrepreneurship.

Complete Entry | Visit the WEB*pedia


APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for neighborhood pets, especially belligerent parrots.
Your Complete Scope

This isn't me! What am I?

Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Wherever you go, no matter what the weather, always bring your own sunshine."

-- Anthony J. D'Angelo

AS-AD
Aggregate Supply-Aggregate Demand Model
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster