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June 26, 2017 

AmosWEB means Economics with a Touch of Whimsy!

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CARDINAL UTILITY: A measure of utility, or satisfaction derived from the consumption of goods and services, that can be measured using an absolute scale. Cardinal utility exists if the utility derived from consumption is measurable in the same way that other physical characteristics--height and weight--are measured using a scale that is comparable between people. There is little or no evidence to suggest that such measurement is possible and is not even needed for modern consumer demand theory and indifference curve analysis. Cardinal utility, however, is often employed as a convenient teaching device for discussing such concepts as marginal utility and utility maximization.

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The AmosWEB Free Lunch Index is designed to track the state of the economy based on the neverending pursuit of a "free lunch." While there is, of course, no such thing as a "free lunch," what with limited resources and unlimited wants and needs, that doesn't keep us from trying. A higher Free Lunch Index means a better economy. The Free Lunch Index can range from 0 to 800.

Help us compile the Free Lunch Index by providing your lunching activities each day. You have a choice from among nine alternatives:

  • Skipped lunch altogether.
  • Bought by another.
  • Ate lunch at home.
  • Brought lunch from home.
  • Fast food drive through.
  • Fast food dine in.
  • All-you-can eat buffet.
  • Casual dining with tip.
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ACCOUNTING PROFIT

The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit

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Borrowing Through The FINANCIAL MARKETS

We never know whom we might encounter on our leisurely stroll through the economy. Passing by the marble columns of Interstate OmniBank -- the beacon of safety and security -- we have the good fortune of crossing paths with our Ivy-League-educated pillar of the financial community -- Winston Smythe Kennsington III. Although he seems to be a touch condescending, he's kind enough to show us a freshly signed check for $37 gadzillion, which is but a small part of a multi-gadzillion dollar loan from the Interstate OmniBank. To what constructive purpose Winnie will put these funds remains unclear; how this loan will be repaid, he never says; but Winnie proudly reminds us several times that this loan once again proves his unchallenged standing as the majordomo of the financial markets.
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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for slow moving vehicles with darkened windows.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"You can't use up creativity. The more you use, the more you have. "

-- Maya Angelou, poet

DRR
Discounted Rate of Return
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