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PHYSICAL WEALTH: The ownership of productive resources, capital, and property and satisfaction-generating goods. Also termed real wealth. This should be contrasted with financial wealth that is based on ownership of financial or paper assets.
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Lesson 9: Consumer Demand | Unit 1: Demand Theory
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Page: 3 of 22
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- 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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AUCTION A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"There is at least one point in the history of any company when you have to change dramatically to rise to the next level of performance. Miss that moment, and you start to decline. " -- Andy Grove, Intel Corp. chairman
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IAB
Inter-American Bank
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