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SATISFACTION: The process of successfully fulfilling wants and needs. A basic fact of life is that people want and need stuff 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 actually the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity, and, when you get right down to it, life itself.
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PRINCIPAL-AGENT PROBLEM A disconnection or conflict between the objectives and goals of the principal and those of the agent authorized to represent the principal. The principal-agent problem arises because an agent is given the responsibility and authority to take actions that affect both the principal, but can also affect the agent. This problem is common in corporate management, where the principal is shareholders and the agent is managers. It is also common in government, where the principal is the public and the agent is elected leaders.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Only great minds can afford a simple style." -- Stendhal, writer
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AASB
American Assocation of Small Business
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