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November 11, 2024 

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ECONOMIC GOOD: The transformation of limited resources for the purpose of satisfying unlimited wants and needs. You might detect a similarity between the term economic good and the term scarcity. The reason is that "economic good" is another term for scarce good. We call a scarce good an economic good because a scarce good is one that can be traded through markets.

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AFRICAN DEVELOPMENT BANK: A regional multilateral development institution engaged in promoting the economic development and social progress of its member countries in Africa. The Bank, established in 1964, started functioning in 1966 with its Headquarters in Abidjan, Cote d' lvoire. The Bank borrows funds from the international money and capital markets. Its shareholders are the 53 countries in Africa as well as 24 countries in the Americas, Europe, and Asia.

     See also | World Bank | International Monetary Fund | Asian Development Bank | Inter-American Development Bank | Islamic Development Bank |


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AFRICAN DEVELOPMENT BANK, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: November 11, 2024].


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UTIL

A hypothetical unit of measurement of utility that is commonly used by economists to present hypothetical information about utility and consumer demand theory. The util measurement unit was developed as a convenient way to illustrate and discuss concepts such as total utility, marginal utility, and the law of diminishing marginal utility. However, because utility is not a measurable characteristic, the util does represent an actual unit of measurement, such as inches or pounds.

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Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for fairy dust that tastes like salt.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"The art of leadership is saying no, not yes. It is very easy to say yes. "

-- Tony Blair, British prime minister

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