March 21, 2018 

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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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CREDITOR NATION: A nation that owes less to foreign governments, businesses, and consumers than foreigners owe to domestic governments, businesses, and consumers. The United States, was a creditor nation for many decades, being one of the chief sources of lending to other nations in the world. It has now achieved the status of debtor nation.

     See also | foreign | domestic | debtor nation | export | import | current account | balance of payments | capital account |

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The official unemployment rate, which measures the proportion of the civilian labor force 16 years or older that is not engaged in productive activities but is actively seeking employment, might be either overstated or understated due to discouraged workers, part-time workers, and unreported legal or illegal employment. Taken together, these measurement problems suggest that the official unemployment rate is likely understated during business-cycle contraction and overstated during business-cycle expansions.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for attractive cable television service repair people.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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