October 5, 2015 

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HISTORICAL COST: An accounting principle stating that expenses are recorded in terms of original or acquisition cost. Such a practice does not necessarily indicate the opportunity cost or current market value.

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ENTREPRENEURSHIP: One of the four basic categories of resources, or factors of production (the other three are labor, capital, and land). Entrepreneurship is a special sort of human effort that takes on the risk of bringing labor, capital, and land together and organizing production.

     See also | factors of production | resources | labor | capital | land | risk | production | Smith, Adam | invisible hand | efficiency | profit | incentive | economic growth | living standard | economic profit | normal profit |

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ENTREPRENEURSHIP, AmosWEB GLOSS*arama,, AmosWEB LLC, 2000-2015. [Accessed: October 5, 2015].

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The 12 government banking institutions that form the core of the U.S. Federal Reserve System and are largely responsible for supervising, regulating, and interacting with commercial banks and carrying out the policies established by the Federal Reserve Board of Governors. Federal Reserve Banks are often termed bankers' banks in that they provide banking services to commercial banks. The 12 District Banks are supported in their activities by 25 Branch Banks.

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State of the ECONOMY

Business Inventories
June 2015
$1,812.5 billion
Up 3.0% from June 2014: Econ. Stat. Admin.

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[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for gnomes hiding in cypress trees.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Courage is the ladder on which all the other virtues mount."

-- Claire Boothe Luce, diplomat, writer

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