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RIVAL CONSUMPTION: Consumption of a good by one person imposes a cost on, or prevents consumption of the good by, another person. Some goods, like food, have extremely rival consumption. One person, and only one person, gets the benefit. Other goods, like national defense, have no consumption rivalry, everyone can benefit simultaneously without imposing a cost on others. This is one of the two key characteristics of a good (the other is excludability) that distinguishes between common-property goods, near-public goods, private goods, and public goods.
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Defeat is simply a signal to press onward." -- Helen Keller, lecturer, author
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LTT
Long-Term Trend
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