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BUSINESS TRANSFER PAYMENTS: A payment by the business sector to the household sector without any corresponding production or expectations of production. Business transfer payments are essentially gifts, or subsidies, made to the household sector from the business sector. This is one of several key differences between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. business transfer payments, abbreviated BTP, tend to be quite small, invariably less than 1% of gross domestic product.

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Lesson 9: Consumer Demand | Unit 2: Total Utility Page: 8 of 22

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

  • Utility maximization is the process of obtaining the highest possible level of utility from the consumption or use of goods and services.

  • But what if spending 6 or 7 hours at the beach time is not possible. This brings up the notion of constrained utility maximization.

  • Constrained utility maximization is the process of obtaining the highest possible level of utility from the consumption or use of goods and services, under given restrictions, when the highest overall level of utility cannot be reached.

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WHOLESALE PRICE INDEX

An index of the prices paid by retail stores for the products they ultimately resell to consumers. The Wholesale Price Index (WPI) was the forerunner of the modern Producer Price Index (PPI) and was discontinued in 1978. Other noted price indexes used to track economic activity are the Consumer Price Index (CPI) and the GDP price deflator.

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Today, you are likely to spend a great deal of time watching infomercials looking to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for strangers with large satchels of used undergarments.
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