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BUSINESS CYCLES: The recurring expansions and contractions of the national economy (usually measured by real gross domestic product). A complete cycle typically lasts from three to five years, but could last ten years or more. It is divided into four phases -- expansion, peak, contraction, and trough. Unemployment inevitably rises during contractions and inflation tends to worsen during expansions. To avoid the inflation and unemployment problems of business cycles, the federal government frequently undertakes various fiscal and monetary policies.

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Lesson 9: Consumer Demand | Unit 1: Demand Theory Page: 3 of 22

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

  • Utility is the satisfaction of wants and needs obtained from the consumption or use of goods and services.
  • The terms utility and satisfaction are used interchangeably in economics.
  • Two other terms often used to capture this notion are welfare and well-being.
  • Using the utility notion to analyze market demand entails a couple of points:

  • One, Utility is More than Useful
  • Two, Utility is Not Measurable

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MARGINAL COST OF SEARCH

The incremental cost incurred by additional search effort is the marginal cost of search. Marginal cost of search, also termed marginal search cost, is comparable to marginal cost of short-run production analysis. Marginal cost of search increases with an increase in search effort and is represented by the marginal cost of search curve. This is one half of the efficient information search decision. The other is marginal benefit of search.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?

Two and a half gallons of oil are needed to produce one automobile tire.
"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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