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RISK LOVING: A person who values a certain income less than an equal amount of income that involves risk or uncertainty. Suppose that you have two options--(A) a guaranteed $1,000 or (b) a 50-50 chance of getting either $500 or $1,500. If you chose option B, then you're risk loving. While both options give you the same "expected" values, you get more satisfaction from the risky option than the guaranteed one. In fact, risk loving people are willing to pay for the opportunity to experience a risky situation.
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REAL: The value after adjusting for inflation. Pointy-headed economist are frequently interested in comparing stuff (production, income, or whatever) in one year with similar stuff in another year. However, in that inflation can distort such a comparison, it's best made using a fixed set of prices that eliminate inflationary changes. In practice, this is accomplished by using the prices in an arbitrary "base year." Once the price differences have been eliminated, the numbers are said to be measured in real dollars. See also | inflation | nominal | production | income | real gross domestic product | real interest rate | real production | price level |
Recommended Citation:REAL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: November 12, 2025].
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MARGINAL UTILITY The additional utility obtained from the consumption or use of an additional unit of a good. It is specified as the change in total utility divided by the change in quantity. Marginal utility indicates what each additional unit of a good is worth to a consumer and provides a theoretical basis for understanding market demand and the law of demand. Marginal utility generally declines with increased consumption of a good, a reflection of the law of diminishing marginal utility.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for cardboard boxes.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"The art of leadership is saying no, not yes. It is very easy to say yes. " -- Tony Blair, British prime minister
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AASB
American Assocation of Small Business
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