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March 23, 2019 

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SATISFACTION: The process of successfully fulfilling wants and needs. A basic fact of life is that people want and need stuff to stay alive and to make that life more enjoyable. Satisfaction is the economic term that captures this wants-and-needs-fulfilling process. Satisfying wants and needs is actually the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity, and, when you get right down to it, life itself.

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FIXED COST: In general, cost that does not change with changes in the quantity of output produced. More specifically, fixed cost is combined with the adjectives "total" and "average" to indicate the overall level of fixed cost or the per unit fixed cost. Fixed cost is incurred whether of not any output is produced. The same fixed cost is incurred at any and all output levels. This means that total fixed cost is, in fact, FIXED. However, it also means that average fixed cost, or fixed cost per unit, declines as the output level increases. Spreading out $100 over 1,000 units gives a lower per unit fixed cost that spreading out $100 over 10 units.

     See also | opportunity cost | total cost | total fixed cost | average fixed cost | variable cost | fixed input | variable input | short-run production |


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FIXED COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: March 23, 2019].


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UNILATERAL TRANSFERS

A subset of the balance of payments current account that records the difference between gifts or transfers received from other nations and transfers sent to other nations. In includes gifts or transfers between individuals, and perhaps more important, it includes transfers between governments. Two other subsets of the current account include the balance on merchandise trade and balance on services. Unilateral transfers are not included in the balance of trade, which is the sum of the balance on merchandise trade and the balance on services.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for attractive cable television service repair people.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

-- Elizabeth Stuart Phelps, Writer

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