|
|
ADB: An abbreviation that stands for either the African Development Bank the Asian Development Bank. The African Development Bank is a regional multilateral development institution engaged in promoting the economic development and social progress of its member countries in Africa. The Bank, established in 1964, started functioning in 1966 with its Headquarters in Abidjan, Cote d' lvoire. The Bank borrows funds from the international money and capital markets. Its shareholders are the 53 countries in Africa as well as 24 countries in the Americas, Europe, and Asia. The Asian Development Bank is a multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific that engages in mostly public sector lending for development purposes in its developing member countries. They pursue this goal by helping to improve the quality of people's lives providing loans and technical assistance for a broad range of development activities. ADB raises fund through bond issues on the world's capital markets but they also rely on members' contributions. The ADB was established in 1966 and has its headquarters in Manila, Philippines. As of September of 2003, the ADB had 58 member countries.
Visit the GLOSS*arama
|
|
|
|
                           SATISFACTION: The process of successfully fulfilling wants and needs. This also goes by the technical economic term utility, and is essentially synonymous with more common words, such as fulfillment, well-being, and to some degree prosperity or happiness. A basic fact of life is that people want and need goods and services to stay alive and to make that life more enjoyable. Satisfaction is the economic term that captures this wants-and-needs-fulfilling process. Satisfying wants and needs is the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity. The attainment of satisfaction is also fundamental to life itself.A Word or Two on ScarcityThe pursuit of satisfaction, which has guided humanity for as long as humanity has been humanity, is best seen in the context of scarcity. Scarcity exists because wants and needs are unlimited but resources are limited. People want more than they are able to obtain. People are persistently and perpetually motivated to fulfill their unlimited wants and needs. Doing so provides satisfaction, it makes people better off.In prehistoric times, humans produced their own food, by hunting, fishing, or gathering fruits, to satisfy their hunger needs. In modern times, humans work at jobs to earn income that can be used to buy the food that they need. But whether modern or prehistoric, humans seek to satisfy that hunger need. While the modern economy is substantially more complex than that of the cave dwellers, the ultimate wants-and-needs-satisfying goal remains the same. Wants or NeedsSatisfaction is derived from the fulfillment of both wants and needs.- Wants are generally considered psychological desires that provide enjoyment, but are not essential to life. The desire to collect celebrity autographs of movie star Brace Brickhead or baseball superstar Harold "Hair Doo" Dueterman would fall in the wants category.
- Needs are thought of as physiological or biological requirements for continued existence. The requirement of nourishment achieved by eating one of Manny Mustard's Deluxe Club Sandwiches or a Gargantuan Taco (with jalapenos and sour cream) from Waldo's TexMex Taco World offers a prime example of a need.
From an economic perspective, it matters little whether a want or a need is fulfilled. Both generate satisfaction. Both motivate economic activity.
Recommended Citation:SATISFACTION, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: March 16, 2025].
Check Out These Related Terms... | | | | |
Or For A Little Background... | | | | | | |
And For Further Study... | | | | | | | | | | | | | | | |
Search Again?
Back to the WEB*pedia
|
|
|
WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for small children selling products door-to-door.
Your Complete Scope
This isn't me! What am I?
|
|
|
Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
|
|
|
"Failure will never overtake me if my determination to succeed is strong enough." -- Og Mandino, Author and Speaker
|
|
APR
Annual Percentage Rate
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
