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INSOLVENCY: The condition of a business when liabilities (excluding ownership equity) are greater than Assets. In other words, a business can't pay it's debts. This is a first step on the road to bankruptcy, but it doesn't guarantee that legal bankruptcy proceedings will be initiated.

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Lesson 9: Consumer Demand | Unit 1: Demand Theory Page: 2 of 22

Topic: Making Decisions <=PAGE BACK | PAGE NEXT=>

  • A decision: I am pondering a trip to the beach to spend my time wading in the water, playing volleyball, and soaking up the sun.
  • But this seemingly simple decision involves a number of considerations:
  1. How much time do I want to spend at the beach? An hour? Four hours? All day?
  2. Do I really want to go to the beach? Would I rather visit the amusement park instead? Maybe I could do both?
  3. How much will this cost? Do I have sufficient income to pay for admission? Do I have sufficient time?

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MARGINAL UTILITY CURVE

A curve illustrating the relation between the marginal utility obtained from consuming an additional unit of good and the quantity of the good consumed. The negative slope of the marginal utility curve reflects the law of diminishing marginal utility. The marginal utility curve also can be used to derived the demand curve.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for gnomes hiding in cypress trees.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"If you worried about falling off the bike, you'd never get on. "

-- Lance Armstrong, bicycle racer

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