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TOTAL UTILITY: The total satisfaction of wants and needs obtained from the use or consumption of a good and service. This term should be contrasted with the related term marginal utility. Total utility is most often used in consumer demand theory to indicate how much overall satisfaction someone obtains from a given activity.
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COMPARATIVE ADVANTAGE The ability to produce one good at a relatively lower opportunity cost than other goods, especially compared to production in another country. Every person or country has a comparative advantage in production of at least one good or service, even with relatively limited production technology. A related, but contrasting concept is absolute advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for defective microphones.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"As is our confidence, so is our capacity. " -- William Hazlitt, essayist
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ATO
At The Opening
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