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RESOURCE MARKETS: Market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.
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Lesson 9: Consumer Demand | Unit 2: Total Utility
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Page: 6 of 22
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Topic:
A Measure Of Satisfaction
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- Total utility is the total satisfaction of wants and needs obtained from the use or consumption of a good and service.
Utility and Demand - The analysis of demand involves making total-utility comparisons for different quantities of a good.
Utils - In the real world, utility is not measurable.
- However, in the unreal world of economic instruction, it is convenient to assignment measurement units to utility.
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ASSUMPTIONS, PRODUCTION POSSIBILITIES The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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LOCH
London Options Clearing House
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