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WEALTH PYRAMID: A handy technique that many get-rich-quick schemes use to transfer a little wealth from a lot of people into the overflowing pockets of a few. In works in this manner--A person or business establishes a multi-level pyramid of investors, employees, or "distributors." Each level is responsible for recruiting the next level beneath it. The trick is that each distributor at one level recruits several distributors into the next lower level in an ever-expanding fashion. Each recruit transfers a little, teeny, tiny bit of their own wealth to the next higher level. In that each higher level has fewer members, that little, teeny, tiny bit of wealth accumulates rapidly, making those at the top incredibly well-off.

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Lesson 9: Consumer Demand | Unit 4: The Curves Page: 18 of 22

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  • A method of graphing the marginal utility curve is to derive it directly from the total utility curve.
  • This method is based on an interesting and useful relation between totals and marginals that surfaces time and time again in the study of economics, what we can term the total-marginal relation.

  • The total-marginal relation is that the marginal value of a variable is equal to the slope of the curve for the corresponding total value of a variable.
  • For our immediate discussion of marginal utility, this means that marginal utility is the slope of the total utility curve.

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LONG-RUN TREND

The pattern of potential real gross domestic product of an economy based on full employment of available resources. The long-run trend is commonly represented as a positively-sloped line in a diagram depicting business-cycle phases. This slope captures the economy's expansion in its production possibilities resulting from increases in the quantity and quality of resources.

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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for slow moving vehicles with darkened windows.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"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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