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Definitions (614)
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Secondary Effects
Effects indirectly related to a course of action whose influence will only be seen or felt later in time.
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Previous Balance
In a credit arrangement, last month's balance.
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Previous balance
In a credit arrangement, last month's balance.
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ability-to-pay principle
The belief that people should be taxed according to their ability to pay, regardless of the benefits they receive. The U.S. individual income tax is based on this principle.
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Absolute advantage
The ability to produce more units of a good or service than some other producer, using the same quantity of resources.
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Accounting Loss
Total explicit costs are greater than total explicit revenue which results in a loss.
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accounting loss
Total explicit costs are greater than total explicit revenue which results in a loss.
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Accounting profit
Total revenue less total costs except for the opportunity cost of capital.
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