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OPEN MARKET: A market, not unlike that stock market, that trades the U.S. Treasury securities that comprises the federal debt. U.S. Treasury securities are low risk and extremely secure financial instruments that are held by all sorts of investors, especially commercial banks. The Federal Reserve System is also a major holder of U.S. Treasury securities and participant in the open market. In fact, the Federal Reserve System used buying and selling of U.S. Treasury securities through the open market as a means of controlling the money, through what is appropriately termed open market operations.

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TC: The abbreviation for total cost, which is the opportunity cost incurred by all of the factors of production used by a firm to produce of a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit paid to entrepreneurs. Total cost is most important in the analysis a firm's short-run production decision and is frequently separated into total variable cost and total fixed cost.

     See also | opportunity cost | production | quantity | wage | rent | interest | normal profit | factors of production | short-run production | total variable cost | total fixed cost | economic profit | total revenue | externalities | accounting cost | average total cost | marginal cost |


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TC, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: November 20, 2019].


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CAUSE AND EFFECT

The notion that every event in the universe is the direct result of a preceding event, that one event A causes another event B. The purpose of the scientific method is to identify these cause-and-effect relations. This pursuit is based on a simple point of view: everything happens for a reason. For every action there is a consequence. And for every consequence there is a cause.

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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for celebrities who speak directly to you through your television.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"Try first to be a man of value; success will follow. "

-- Albert Einstein, physicist

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Brookings Papers on Economic Activity
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