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October 15, 2019 

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OPERATING STATEMENT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, earnings report, and income statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.

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DEBTOR NATION: A nation that owes more to foreign governments, businesses, and consumers than foreigners owe to domestic governments, businesses, and consumers. The United States, having been a creditor nation for many decades, has now achieved the status of debtor nation. This sort of thing happens when exports are less than imports, creating a deficit in the current account of the balance of payments and thus a surplus in the capital account.

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


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AVERAGE PHYSICAL PRODUCT

The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average product, which more often goes by the shorter name average product (AP), is one of two measures derived from total physical product. The other is marginal physical product.

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APLS

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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for door-to-door salesmen.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"Give the American people a good cause, and there's nothing they can't lick. "

-- John Wayne, actor

GDI
Gross Domestic Income
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