November 28, 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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PRICE FLOOR: A legally established minimum price. Pressured by special interest groups, our beloved government is often convinced that the price of a good needs to be kept at a higher level. Examples of goods that have had price floors bestowed upon them include farm products and workers. The argument in both of these examples is that suppliers aren't getting enough income for the stuff they sell (food or labor). A higher price is then expected to generate more income to these deserving souls. Unfortunately, price floors tend to create as many or more problems than they solve. They create inefficient surpluses.

     See also | market | price | regulation | surplus | minimum wage | price ceiling | minimum wage |

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PRICE FLOOR, AmosWEB GLOSS*arama,, AmosWEB LLC, 2000-2015. [Accessed: November 28, 2015].

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The expectations that sellers have concerning the future price of a good, which is assumed constant when a supply curve is constructed. If sellers expect a higher price, then supply decreases. If sellers expect a lower price, then supply increases. Sellers' expectations are one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and number of sellers.

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Real Average Hourly Earnings
July 2015
Up $.20 from July 2014

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Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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