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UTILITY MEASUREMENT: A quantification of the satisfaction of wants and needs achieved through the consumption of goods and services. In principle, utility measurement can take one of two forms: (1) cardinal, which is based on numerical values (1, 2, 3, etc.) and (2) ordinal which is based on rankings (first, second, third, etc.). While the hypothetical instructional analysis of utility relies on cardinal utility, ordinal utility is a more realistic way to measure satisfaction.

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Lesson 22: Factor Supply | Unit 2: Resources Page: 9 of 25

Topic: Capital: Financial And Physical <=PAGE BACK | PAGE NEXT=>

  • Most of the productive capital used in the economy involves ownership and control by the same entity.

  • Let's examine this further.

    • Ownership: First, capital goods, like all property, wealth, and resources are ultimately owned by people.

    • Control: Second, control over the use of capital goods is often by someone other than the owners.

  • While the market for capital services might be somewhat exclusive, two related markets are not.

    • Physical Capital: At times, the term factor market is erroneously used when referring to a capital goods market.

    • Financial Capital: The markets for financial capital are significantly more competitive that the markets for specific capital goods.


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CONGRESSIONAL BUDGET OFFICE

A nonpartisan governmental support agency that provides Congress with analyses needed for economic and budget decisions and with the information and estimates required for the Congressional budget process. The Congressional Budget Office was created by the Congressional Budget and Impoundment Control Act of 1974. It began operating on February 24, 1975. The Congressional Budget Office is composed primarily of economists and public policy analysts. About 70 percent of its professional staff hold advanced degrees in either economics or public policy.

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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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