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UTILITARIANISM: A philosophical view that the value or worth of an action depends on the amount of pleasure it generates or the amount of pain it prevents, or in economic terms, the amount of utility generated. Utilitarianism, although dating back to the early Greek philosophers, is largely attributable to the work of Jeremy Bentham and John Stuart Mill. This philosophy played a major role in the development of modern consumer demand theory and utility analysis.

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PREMIUM: In financial terms, a bond or similar financial asset that sells above its face value. A premium is paid to equalize a bond's interest rate with comparable interest rates. For example, a $100,000 bond that pays a fixed 10 percent interest on the face value ($10,000) would be sell at a premium of $125,000 if comparable interest rates were 8 percent. As such, the $10,000 interest works out to be 8 percent of the $125,000 price.

     See also | financial asset | financial markets | interest rate | discount |


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TOTAL UTILITY CURVE

A curve illustrating the relation between the total utility obtained from consuming a good and the quantity of the good consumed. The shape of the total utility curve, increasing at a decreasing rate, reflects the law of diminishing marginal utility. The reason for this is that slope of the total utility curve is marginal utility, meaning the total utility curve can be use to derive the marginal utility curve.

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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for slow moving vehicles with darkened windows.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. "

-- Jacques Yves Cousteau, marine explorer

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