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NORMAL PROFIT: The opportunity cost of using entrepreneurial abilities in the production of a good, or the profit that could have been received in another business venture. Like the opportunity costs of other resources, normal profit is deducted from revenue to determine economic profit. It is, however, never included as an accounting cost when accounting profit is computed.

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INTERNAL REVENUE SERVICE: (IRS) An agency of the U. S. Department of Treasury with the responsibility of collecting taxes. It was established during the Civil War in 1862, but underwent a major overhaul in 1913 when the 16th amendment to the U. S. Constitution gave it the power to collect income taxes.

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INTERNAL REVENUE SERVICE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: June 27, 2022].


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MARKET SHARE

The fraction of an industry's total sales or some other activity accounted for by one or more firms in the industry. An individual firm is often concerned with its "share of the market" as an indication of "success." Market share is also key to the analysis of market structure, market control, and industry concentration--especially for oligopoly. It can be used to indicated the degree concentration and market control of one or more firms in an industry. It can be used alone or to calculate concentration ratios and the Herfindahl index.

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Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for cardboard boxes.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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