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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.
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PUBLIC UTILITY: The common term for a firm that provides and important (what some deem as essential) good or service primarily in and urban area and often through the use of an extensive distribution network. Common examples of public utilities are those that produce, provide, and/or distribute electricity, natural gas, local telephone services, cable television services, water, garbage collection, and sewage processing. A key feature is that capital requirements mean that public utilities tend to be natural monopolies. One firm can generally provide the services at a lower average cost that two or more firms. For this reason, public utilities tend to be either government owned and operated or heavily regulated by government. See also | natural monopoly | monopoly | average-cost pricing | marginal-cost pricing | regulation |
Recommended Citation:PUBLIC UTILITY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: November 11, 2025].
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FREE ENTERPRISE In theory, an economic system that relies extensively, if not exclusively, on unregulated markets to exchange resources, goods and services, and to answer the three questions of allocation. In practice, this term is often used synonymously with capitalism.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for poorly written technical manuals.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Love looks through a telescope; envy, through a microscope. " -- Josh Billings, humorist
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BEA
Bureau of Economic Analisys
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