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LIMITED RESOURCES: Finite quantities of labor, capital, land, and entrepreneurship available to an economy for the production of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.
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ACCOUNTING PROFIT The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"The secret of getting things done is to act! " -- Dante Alighieri, poet
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ALAC
Latin American Free Trade Area
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