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LIABILITY: Something that you owe. The biggest liabilities for most consumers are loans, including mortgages, car loans, credit-card balances, and installment accounts at stores.
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Lesson 10: Utility and Demand | Unit 1: The Set Up
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Page: 3 of 21
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- Buying decisions, as well as those involving other activities, involving a comparison of the benefits with the costs.
- The benefits primarily include the satisfaction or utility derived from consuming the good or undertaking the activity.
- The costs include, but are not limited to, the price of the good (plus taxes and handling fees) and the utility foregone from other goods NOT consumed.
- Other non-traditional areas of inquiry have proven fruitful:
- Elections
- Crime
- Household Production
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MARKET-CLEARING PRICE The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clearing price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.
Complete Entry | Visit the WEB*pedia |
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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OFT
Office of Fair Trading (UK)
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