November 29, 2015 

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HIGH-POWERED MONEY: Also termed the monetary base, the total of currency held by the nonbank public, vault cash held by banks, and Federal Reserve deposits of the banks. This contains the monetary components over which the Federal Reserve System has relatively complete control and is often used as a guide for the Fed's money control ability and monetary policy.

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PROFIT: As a generic term, this is the difference between revenue and cost. There are, however, three specific sorts of profit, each with a different meaning. Accounting profit is the difference between revenue and accounting expenses. Economic profit is the difference between revenue and the opportunity cost of production. Normal profit is the economic profit that could be earned by an entrepreneur in another business and is thus an opportunity cost deducted from revenue when calculating economic profit.

     See also | total revenue | total cost | accounting profit | economic profit | normal profit | opportunity cost | profit maximization | profit curve | entrepreneurship | corporate profits |

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PROFIT, AmosWEB GLOSS*arama,, AmosWEB LLC, 2000-2015. [Accessed: November 29, 2015].

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The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).

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State of the ECONOMY

U 6 Unemployment
July 2015
10.4% Down a little
Includes those who have given up looking. BLS

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[What's This?]

Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a T-shirt commemorating the second moon landing or a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for defective microphones.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"The world is not dangerous because of those who do harm but because of those who look at it without doing anything. "

-- Albert Einstein, physicist

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