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June 15, 2024 

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ACCOUNTING PROFIT: The difference between a business's revenue and it's accounting expenses. This is the profit that's listed on a company's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. It frequently has little relationship to a company's economic profit because of the difference between accounting expense and the opportunity cost of production. Some accounting expense is not an opportunity cost and some opportunity cost is does not show up as an accounting expenses.

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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

     See also | The Wealth of Nations | classical economics | flexible prices | Say's law | saving-investment equality | efficiency | entrepreneurship | laissez faire |


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ADAM SMITH, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: June 15, 2024].


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AVERAGE FACTOR COST CURVE, MONOPSONY

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for infected paper cuts.
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The average bank teller loses about $250 every year.
"Be kind and merciful. Let no one ever come to you without coming away better and happier."

-- Mother Teresa of Calcutta, humanitarian

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