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UTIL: An hypothetical, as in totally fabricated, unit of measurement for utility that's used by economists to present hypothetical information about utility and consumer demand theory. Economists are fond of making up hypothetical stuff, especially if it drives home an important economic notion. In this case, the term "util" (also frequently used in plural as "utils") is a convenient way to discuss utility and the satisfaction of wants and needs that consumers obtain from consuming or using a good.
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RECESSIONARY GAP, KEYNESIAN MODEL The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is less than full-employment aggregate production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. The prescribed Keynesian remedy for a recessionary gap is expansionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is an inflationary gap.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for the last item on a shelf.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Whenever you see a successful business, someone once made a courageous decision." -- Peter F. Drucker, business strategist
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FMV
Fair Market Value
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