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January 18, 2019 

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BUDGET DEFICIT: An excess of budgetary expenditures over revenues. The federal government is well known for its inclination to operate with a budget deficit. But it is not alone. Consumers also find themselves in this position on many occasions. When a budget deficit occurs, the excess spending is financed through borrowing. For the federal government this involves issuing government securities. For households it typically involves some sort of bank loan, credit card purchase, use of savings (borrowing from thyself), or hitting a friend up for a few bucks.

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CONSTRAINED UTILITY MAXIMIZATION: The process or goal of obtaining the highest possible level of utility, under given restrictions, when the highest overall level of utility cannot be reached. You might want to check out the utility maximization entry. While the generic notion of utility maximization as the unrestricted pursuit of utility is important to the study of economics and consumer demand theory, it's probably less important to every day decisions than the notion of constrained utility maximization. We seldom achieve the maximize utility outright, but must do the best we can under assorted constraints and restrictions. See budget constraint.

     See also | utility | utility maximization | consumer demand theory | budget constraint |


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CONSTRAINED UTILITY MAXIMIZATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: January 18, 2019].


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UNLIMITED WANTS AND NEEDS

A basic condition of human existence which means that people are never totally satisfied with the quantity and variety of goods and services the consume. It means that people never get enough, that there's always something else that they would want or need. Unlimited wants and needs are one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is limited resources.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for jovial bank tellers.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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