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WEIGHT GAINING: An activity in which the transportation cost of the output is greater than the transportation cost of the inputs. Using the term weight to mean transportation cost, an activity is said to gain weight if the cost of moving the output to the market is greater than the cost of getting the inputs to the factory. A weight-gaining activity has a greater attraction to, and tends to locate near, the market for the output.

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UTILITY: The satisfaction of wants and needs obtained from the use or consumption of goods and services. The terms utility and satisfaction are, for the most part, used interchangeably in economics. Two other somewhat technical economic terms frequently used to capture this notion are welfare and well-being. Whichever term is used, the underlying concept is the same: To what extent are unlimited wants and needs fulfilled using the goods and services produced from society's limited resources.

     See also | satisfaction | consumption | wants | needs | unlimited wants and needs | welfare | consumer demand theory | law of demand | scarcity | util | utility maximization |


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LAW OF DIMINISHING MARGINAL RETURNS

A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.

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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for cardboard boxes.
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Lombard Street is London's equivalent of New York's Wall Street.
"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness."

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