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COMMONWEALTH VERSUS HUNT: A notable court case, decided by the Massachusetts Supreme Court in 1842, that declared labor unions were not illegal, which had been the existing interpretation of the law up to that time. This court case paved the way for the U.S. labor union movement, which continued in force for the next 100 years. While this case established the legality of a labor union, union activities (such as strikes) were not necessarily legal. This was much like making it legal to own a gun, but not legal to shot someone.
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Lesson 15: Cost | Unit 1: The Basics
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Page: 3 of 24
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Topic:
Profit Times Three
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- The general notion of profit:
- Profit, in general, is the difference between the revenue received by a firm and the cost incurred in production.
- Accounting Profit
- Accounting profit is the difference between the revenue received by a firm and the accounting cost incurred in production.
Economic Profit - Economic profit is the difference between the revenue received by a firm and the total economic cost incurred in production.
- Normal Profit
- Normal profit is the opportunity cost of using entrepreneurship in the production of output.
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ALLOCATIVE EFFICIENCY Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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KSE
Korea Stock Exchange
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