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ACCOUNTING PROFIT: The difference between a business's revenue and it's accounting expenses. This is the profit that's listed on a company's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. It frequently has little relationship to a company's economic profit because of the difference between accounting expense and the opportunity cost of production. Some accounting expense is not an opportunity cost and some opportunity cost is does not show up as an accounting expenses.
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Lesson 20: Federal Reserve System | Unit 1: The Fed
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Page: 2 of 20
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The Federal Reserve System helps banks through a combination of regulation and emergency reserves. First: It is central bank, a government established and/or sanctioned bank with assorted financial tasks, that regulates the banking system and controls the money supply. It is a decentralized central system with several banks spread around the country. Second: It was established in 1913, in response to the Bank Panic of 1907, to prevent failed banks from shrinking the money supply and causing business cycle contractions. Third: While it's original purpose was to provide banks with reserves, it more recently uses the money supply to conduct monetary policy and stabilize the business cycle.
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AUCTION A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for high interest rates.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Do you want to be safe and good, or do you want to take a chance and be great?" -- Jimmy Johnson, Football Coach
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JLE
Journal of Law and Economics
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