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PEAK: The transition of a business cycle from an expansion and a contraction. The end of an expansions carries the descriptive term peak. At the peak, the economy has reached the highest level of production in recent times. The bad thing about a peak, however, is that it is a turning point, a turning point to a contraction. So even though a peak is the "highest" is not necessarily something we want. We would prefer never to reach the peak.

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Lesson 22: Factor Supply | Unit 4: Determinants Page: 20 of 25

Topic: Geographic Mobility <=PAGE BACK | PAGE NEXT=>

  • More on geographic mobility:

  • Geographic mobility is the mobility, or movement, of factors of production from a productive activity in one location to a productive activity in another location.
  • In particular, geographic mobility is the ease with which resources can change locations.


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MARGINAL UTILITY OF INCOME

The change in utility resulting from a given change in income. This is a specialized case of the general notion of marginal utility, which is simply the change in utility resulting from a given change in the consumption of a good. Marginal utility of income is key to identifying alternative risk preferences, including risk aversion, risk neutrality, and risk loving. These three risk preferences are indicated by three marginal utility of income possibilities, decreasing (risk aversion), increasing (risk loving), and constant (risk neutrality).

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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for small children selling products door-to-door.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

-- Elizabeth Stuart Phelps, Writer

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