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SEVEN RULES: Seven key economic principles underlying the study of economics and the operation of the economy. These seven rules are: first -- scarcity, second -- subjectivity, third -- inequality, fourth -- competition, fifth -- imperfection, sixth -- ignorance, and seventh -- complexity.
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Lesson 10: Utility and Demand | Unit 3: Complex Choices
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Page: 10 of 21
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- The equality between marginal utilities is a handy short cut for making choices.
- If one good generates more marginal utility that the other, then total utility can be increased by consuming more of that good and less of the other.
- A simple rule is to choose the quantities of two or more goods such that marginal utility of the last unit of each good consumed is the same for all goods.
- MU of good 1 = MU of good 2
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L A broad monetary measure that combines M3 plus several liquid assets, including commercial paper, U.S. Treasury bills, savings bonds, and bankers' acceptances. L used to be tracked and reported by the Federal Reserve System along with M1, M2, and M3. However, L is no longer reported.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for jovial bank tellers.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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S
Supply
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