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April 13, 2021 

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AGGLOMERATION ECONOMIES: A reduction in production cost the results when related firms locate near one another. Firms can be related as competitors in the same industry, by using the same inputs, or through providing output to the same demographic group. The fashion industry, for example, experiences agglomeration economies because they can share specialized inputs (photographers, models) that would be too expensive to employ full time. Retail stores have agglomeration economies when located in shopping malls because they have access to a large group of potential customers with lower advertising cost. Agglomeration economies is given as one of the primary reasons for the emergence of urban areas.

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DISPOSABLE INCOME: The total income that can be used by the household sector for either consumption or saving during a given period of time, usually one year. This is the income left over after income taxes and social security taxes are removed and government transfer payments, like welfare, social security benefits, or unemployment compensation are added.

     See also | income | personal income | taxes | income tax | Social Security | transfer payments | welfare | unemployment compensation | national income | National Income and Product Accounts | disposable personal income | Bureau of Economic Analysis |


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DISPOSABLE INCOME, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: April 13, 2021].


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CARDINAL UTILITY

The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--can be measured with numerical values (1, 2, 3, etc.) that are based on a benchmark scale. Cardinal utility presumes that satisfaction is a measurable characteristic of a person, like height or weight. The contrasting notion is ordinal utility, which is based on a ranking of preferences.

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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for gnomes hiding in cypress trees.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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