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RESOURCE MARKETS: Market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.
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LAW OF DIMINISHING MARGINAL UTILITY A principle stating that as the quantity of a good consumed increases, eventually each additional unit of the good provides less additional utility--that is, marginal utility decreases. Each subsequent unit of a good is valued less than the previous one. The law of diminishing marginal utility helps to explain the negative slope of the demand curve and the law of demand.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The average length of a "business lunch" is about 36 minutes.
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"Always make a total effort, even when the odds are against you." -- Arnold Palmer
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PI
Personal Income
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