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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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PHYSICAL FLOW In the circular flow model, the transfer of goods and services from the business sector to the household sector and the transfer of resource services from the household sector to the business sector. The physical flow is usually illustrated as a counter-clockwise flow for a model with the product markets at the top, resource markets at the bottom, household sector at the left, and business sector at the left. The payment flow moves in the opposite direction.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a flea market wanting to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Chance favors only the prepared mind." -- Louis Pasteur, biologist
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WE
Walrasian Equilibrium
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