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DISCRETIONARY INCOME: After-tax income over which a person (or the entire household sector) has more or less complete discretionary control, which can be then used for either consumption or saving. Discretionary income is most commonly measured at the macroeconomic level by disposable income.

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Lesson 10: Utility and Demand | Unit 3: Complex Choices Page: 10 of 21

Topic: A Short Cut? <=PAGE BACK | PAGE NEXT=>

  • 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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SEVEN ECONOMIC RULES

A set of seven fundamental notions that reflect the study of economics and how the economy operates. They are: (1) scarcity, (2) subjectivity, (3) inequality, (4) competition, (5) imperfection, (6) ignorance, and (7) complexity.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?

The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

PI
Personal Income
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