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ECONOMIES OF SCOPE: A production process in which it is cheaper to produce two (or more) products together rather than separately. This property is also termed joint production. For example the production of beef also results in the production of leather and the production of lumber also results in the production of sawdust. Economies of scope can be beneficial, that is, giving a producer multiple products to sell. But it can also be problematic when one of the joint products is undesirable, such as pollution or waste residual.
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G-7: The common abbreviation for the Group of Seven, which is seven of the most advanced and industrialized nations of the world--the United States, Britain, France, Italy, Canada, Germany, and Japan--that meet regularly to coordinate fiscal and monetary policies. Their actions are based on the proposition that our global economy and the individual countries are better off through cooperation than conflict. See also | fiscal policy | monetary policy | exchange rate | managed float | foreign trade |
Recommended Citation:G-7, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: January 19, 2026].
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, 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 more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for telephone calls from long-lost relatives.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"You are never given a dream without also being given the power to make it true." -- Richard Bach, Author
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AEA
American Economic Association
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