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NONBANK PUBLIC: Everyone in the economy except banks and government banking authorities. The nonbank public includes consumers, businesses, and most government entities. The designation of nonbank public is most important for the money supply. In particular, the currency component of the money supply is that held by the nonbank public. This is the currency that his actually in circulation and which can be used to purchase goods and services. Banks and government banking authorities also hold currency. The currency held by bank is termed vault cash. Government banking entities, such as Federal Reserve Banks of the U.S. Treasury Department also hold uncirculated currency in inventory.

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Lesson 9: Consumer Demand | Unit 3: Marginal Utility Page: 12 of 22

Topic: Diminishing Marginal Utility <=PAGE BACK | PAGE NEXT=>

  • The law of diminishing marginal utility is a principle stating that as more of a good is consumed eventually each additional unit of the good provides less additional utility; that is, marginal utility declines as the quantity consumed increases.

  • These declining marginal utility values illustrate the law of diminishing marginal utility.
  • The law of diminishing marginal utility is the key principle for understanding market demand and the law of demand.

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NORMATIVE ECONOMICS

The branch of economics that seeks to recommend the way the economy should operate. It is the policy side of economics that is based on individual preferences and cannot be proven either right or wrong. A normative economic statement cannot be refuted by looking at the real world--that is, by testing hypotheses.

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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a T-shirt commemorating the 2000 Presidential election or a really, really exciting, action-filled video game. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

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