March 17, 2018 

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TOTAL UTILITY: The total satisfaction of wants and needs obtained from the use or consumption of a good and service. This term should be contrasted with the related term marginal utility. Total utility is most often used in consumer demand theory to indicate how much overall satisfaction someone obtains from a given activity.

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GROSS DOMESTIC PRODUCT: The total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. This is the government's official measure of how much output our economy produces. It's tabulated and reported by the National Income and Product Accounts maintained by the Bureau of Economic Analysis, which is part of the U. S. Department of Commerce.

     See also | net domestic product | real gross domestic product | GDP price deflator | Bureau of Economic Analysis | National Income and Product Accounts | national income | personal income | disposable income | real GDP | nominal GDP | gross national product |

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A curve illustrating the relation between the marginal utility obtained from consuming an additional unit of good and the quantity of the good consumed. The negative slope of the marginal utility curve reflects the law of diminishing marginal utility. The marginal utility curve also can be used to derived the demand curve.

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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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