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ZERO-BASE BUDGET: A method of budgeting expenditures in which each expenditure is justified on its overall merits rather than being based on the budget for the previous year. A zero-base budget is most often proposed (but seldom implemented) for governments. Governments generally establish budget expenditures based on expenditures for the previous year. If, for example, budget expenditures last year were $100 billion, the requested budget for this year might be set at $110 billion. The existing $100 billion is a "given" and only the extra $10 billion is justified. With a zero-base budget, the entire $110 billion is justified.

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Lesson 9: Consumer Demand | Unit 4: The Curves Page: 17 of 22

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

  • The marginal utility curve is what provides the greatest insight into market demand and the law of demand.
  • The points plotted come from an infinite number of points that capture the relation between total utility and time at the beach.
  • Let's make a few observations about this curve.

    1. The marginal utility curve is negatively slope.
    2. It starts at a relatively high value, 12 utils, then declines as quantity increases.
    3. The negative slope and decline in the marginal utility curve illustrates the law of diminishing marginal utility.
    4. These observations are consistent with those made for the marginal utility schedule.

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COMMON-PROPERTY GOODS

Goods characterized by rival consumption and the inability to exclude nonpayers. Common-property goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are private (rival consumption and nonpayers can be excluded), public (nonrival consumption and nonpayers cannot be excluded), and near-public (nonrival consumption and nonpayers can be excluded). Nonrival consumption and the ease of excluding of nonpayers means common-property goods cannot be efficiently exchanged through markets and are often overconsumed.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time watching infomercials looking to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for strangers with large satchels of used undergarments.
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The average length of a "business lunch" is about 36 minutes.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

-- Cao Yu, Playwright

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