October 28, 2016 

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FOREIGN EXCHANGE: Any financial instrument that gives one country a claim on the currency of another country and which is used to make payments between countries. The most important type of foreign exchange is currency itself, that is, the currency of other countries. However foreign exchange also includes things like bank checks and "bills of exchange" (a sort of contract that's paid for with the currency of one nation that can be then traded for the currency of another country).

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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, 2000-2016. [Accessed: October 28, 2016].

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The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.

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State of the ECONOMY

e-commerce sales
2nd Quarter 2015
$87.5 billion
Up 0.9% from 2nd Quarter 2015 US Census Bureau

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[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for celebrities who speak directly to you through your television.
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Al Capone's business card said he was a used furniture dealer.
"The less secure a man is, the more likely he is to have extreme prejudices. "

-- Clint Eastwood, actor, director

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