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DERIVATION, CONSUMPTION LINE: A consumption line, a graphical depiction of the relation between household sector consumption and income, can be derived from a simple consumption schedule, a table or chart showing the relation between household sector consumption and income. This is easily accomplished by plotting the consumption-income pairs from the schedule as points in a diagram that measures consumption on the vertical axis and income on the horizontal axis, then connection the points with a line. The consumption line can also be derived directly by plotting the consumption function using slope and intercept values.
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ORDINAL UTILITY The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--is measured by a ranking of preferences (first, second, third, etc.) that are only comparable on a relative basis. Ordinal utility does not presume that satisfaction is a measurable characteristic of a person, like height or weight, that can be compared against an established benchmark. The contrasting notion is cardinal utility, which is based on a numerical standard.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"When one door closes another door opens; but we do often look so long and so regretfully upon the closed door, that we do not see the ones which open for us. " -- Alexander Graham Bell, inventor
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AOQ
Average Outgoing Quality
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