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July 19, 2018 

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ACCESSIBILITY: The location of economic activity (especially in terms of land) relative to other activities. As real estate agents are prone to say, "The three most important factors in real estate are 'location, location, location.'" Accessibility determines how easy or difficult (read this as costly) it is to allocate good, services, and resources. Transportation is a key factor in accessibility. Efficient, low cost transportation systems improve accessibility.

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UTILITY MEASUREMENT: A quantification of the satisfaction of wants and needs achieved through the consumption of goods and services. In principle, utility measurement can take one of two forms: (1) cardinal, which is based on numerical values (1, 2, 3, etc.) and (2) ordinal which is based on rankings (first, second, third, etc.). While the hypothetical instructional analysis of utility relies on cardinal utility, ordinal utility is a more realistic way to measure satisfaction.

     See also | util | cardinal utility | ordinal utility | utility | consumer demand theory | utility analysis | total utility | marginal utility | satisfaction | market demand | third rule of subjectivity | utilitarianism | marginal utility-price ratio | utility maximization | constrained utility maximization | consumer equilibrium | rule of consumer equilibrium | marginal utility and demand | marginal utility-price ratio | law of diminishing marginal utility | income change, utility analysis | price change, utility analysis | preferences change, utility analysis |


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UTILITY MEASUREMENT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: July 19, 2018].


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AVERAGE COST

The opportunity cost incurred per unit of good produced. This is calculated by dividing the cost of production by the quantity of output produced. While average cost is a general term relating cost and the quantity of output, three specific average cost terms are average total cost, average variable cost, and average fixed cost. A related cost term is marginal cost.

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