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LEGAL FORCES: Forces in the marketing environment that are shaped by government laws affecting business. These are very similar to political forces. Once laws are enacted they are usually very difficult to change. Many companies work hard at lobbying legislatures, Congress, and other elected to pass laws favorable to the company's best interests.
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Lesson 10: Utility and Demand | Unit 5: Beyond Demand
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Page: 20 of 21
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- For me to buy a good, someone must be selling.
- Here's a quick comparison of the demand and supply decisions.
- Consumers generate utility by consuming goods. Producers generate profit by producing goods.
- Consumers seek to maximize utility. Producers seek to maximize profit.
- Consumers make decisions based on marginal utility. Producers make decisions based on marginal product.
- Consumption decisions are guided by the law of diminishing marginal utility. Production decisions are guided by the law of diminishing marginal returns.
- Consumers buy more at lower prices because marginal utility is less. Producers sell more at higher prices because marginal product is less.
- Consumers make decisions that marginal benefits with marginal costs. Producers make decisions that balance marginal benefits with marginal costs.
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COMPTROLLER OF THE CURRENCY An agency of the U.S. Federal government responsible for chartering national banks. In other words, anyone wanting to establish a bank with the word "national" in the title must gain permission from the Office of the Comptroller of the Currency (OCC). The Comptroller is also responsible for regulating banks and might even assume control of a bank that is in serious trouble (that is, on the verge of failure). Although the term "currency" appears in the title, the Office of the Comptroller of the Currency is primarily a bank regulator and has almost nothing to do with the nation's "currency." The OCC was established in 1863 as a bureau of the U.S. Department of the Treasury and is located in Washington, D.C.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either storage boxes for your family photos or a large, stuffed giraffe. 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?
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A half gallon milk jug holds about $50 in pennies.
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"My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose - somehow we win out." -- President Ronald Reagan
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BLUE
Best Linear Unbiased Estimator
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