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PAR VALUE: The stated, or face, value of a legal claim or financial asset. For debt securities, such as corporate bonds or U. S. Treasury securities, this is amount to be repaid at the time of maturity. For equity securities, that is, corporate stocks, this is the initial value set up at the time it is issued. Par value, also called face value, is not necessarily, and often is not, equal to the current market price of the asset. A $10,000 U.S. Treasury note, for example, has a par value of $10,000, but might have a current market price of $9,950. The difference between par value and current price contributes to the yield or return on such assets. An asset is selling at a discount if the current price is less than the par value and is selling at a premium if the current price is more than the par value.

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

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • Total utility as the total satisfaction obtained from consuming one or more goods.
  • That utility is measured by utils, which is a hypothetical and unrealistic measure, but helps illustrate the utility concept.
  • The total utility schedule as a table relating total utility and the quantity consumed.
  • How total utility increases with the quantity consumed, but reaches a peak, then declines.
  • The motivation of utility maximization, but that consumers are typically faced with constrained utility maximization.

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SUBSTITUTE GOOD

In general, one of two (or more) goods that are related in an either/or fashion. In terms of demand, substitute goods are those that provide the same basic satisfaction of a want or need when consumed. In terms of supply, substitute goods are those that use the same resource for production in an exclusionary manner. A substitute good is one of two ways that goods are related. The other is a complement good.

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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for slow moving vehicles with darkened windows.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"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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