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VALUE IN USE: The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.

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Lesson 10: Utility and Demand | Unit 3: Complex Choices Page: 9 of 21

Topic: How Much Of Each? <=PAGE BACK | PAGE NEXT=>

  • No Constraints

  • To maximize total utility from both activities, I need to spend 6 or 7 hours at the beach and 5 or 6 hours at the amusement park.

  • A Time Constraint

  • Suppose for some reason I cannot spend more than 7 hours engaged in this two activities.

  • Clearly I can't spend the 11 hours (6 hours at the beach and 5 hours at the amusement park) that would maximize utility with no constraints.

  • The best of the choices is 4 hours at the amusement park and 3 hours at the beach.


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CAUSE AND EFFECT

The notion that every event in the universe is the direct result of a preceding event, that one event A causes another event B. The purpose of the scientific method is to identify these cause-and-effect relations. This pursuit is based on a simple point of view: everything happens for a reason. For every action there is a consequence. And for every consequence there is a cause.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for celebrities who speak directly to you through your television.
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Lombard Street is London's equivalent of New York's Wall Street.
"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing."

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