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UTIL: An hypothetical, as in totally fabricated, unit of measurement for utility that's used by economists to present hypothetical information about utility and consumer demand theory. Economists are fond of making up hypothetical stuff, especially if it drives home an important economic notion. In this case, the term "util" (also frequently used in plural as "utils") is a convenient way to discuss utility and the satisfaction of wants and needs that consumers obtain from consuming or using a good.

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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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CHECK CLEARING

The process in which reserves or funds are transferred among banks to settle the accounts of checks written on one account and deposited into another. Check clearing is the heart and sole of daily banking activity and the final step in the use of checkable deposits as the medium of exchange for conducting transactions in the economy. Check clearing is facilitated by central clearinghouses, including the Federal Reserve System and a number of private organizations. The check clearing process is also a key component of the money creation process.

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Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for cardboard boxes.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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