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IMPLICIT OPPORTUNITY COST: An opportunity cost that does NOT involve a money payment or a market transaction. This should be contrasted with explicit cost that DOES involve a money payment or a market transaction. The common misconception among non-economists out there in the real world is that the term "cost" is synonymous with the term "payment," that is, all costs are explicit costs, to be a cost you have to give up some money. Well, I'm here to tell you that this isn't true. Cost is opportunity cost. It's the satisfaction NOT received from activities NOT pursued. It's the value of foregone production. And not all opportunity costs involve a money payment.

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PUBLIC SECTOR: A fancy-schmancy term for government, which for the United States includes all three levels--federal, state, and local. The term public sector is most useful as a contrast to the term private sector, which includes households and businesses.

     See also | government | government sector | private sector | household sector | business sector | three questions of allocation | ownership and control | liberal | conservative | government functions | market failure | fifth rule of imperfection | public choice | normative economics | economic policies | business cycle | public choice |


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PUBLIC SECTOR, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 20, 2024].


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SEIGNIORAGE

The difference between the face value, or value in exchange, of money and the cost of producing the money. This seigniorage is effectively the profit government generates from producing currency--printing paper bills or minting metal coins. That is, government effectively "makes money" by making money.

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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"Many people think that if they were only in some other place, or had some other job, they would be happy. Well, that is doubtful. So get as much happiness out of what you are doing as you can and don't put off being happy until some future date. "

-- Dale Carnegie

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