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July 9, 2025 

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SMITH, ADAM: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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ECONOMIC PROFIT: The difference between business revenue and total opportunity cost. This is the revenue received by a business over and above the minimum needed to produce a good. In this sense, economic profit is a sign of inefficiency. If a business receives an economic profit, then society (the buyers) are spending more on a good than society (the resource owners) are giving up to produce the good.

     See also | profit | opportunity cost | efficiency | economic rent | market control | economic growth | accounting profit | normal profit |


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ECONOMIC PROFIT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 9, 2025].


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L

A broad monetary measure that combines M3 plus several liquid assets, including commercial paper, U.S. Treasury bills, savings bonds, and bankers' acceptances. L used to be tracked and reported by the Federal Reserve System along with M1, M2, and M3. However, L is no longer reported.

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Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for poorly written technical manuals.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. "

-- Martin Luther King Jr., civil rights leader

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