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October 24, 2021 

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LIABILITY: Something that you owe. The biggest liabilities for most consumers are loans, including mortgages, car loans, credit-card balances, and installment accounts at stores.

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INCOME DISTRIBUTION: The manner in which income is divided among the members of the economy. A perfectly equal income distribution would mean everyone in the country has exactly the same income. The income distribution in the good old U. S. of A., while more equal than most nations of the world, is far from perfectly equal. A certain amount of inequality in the income distribution is to be expected because resources are never equally distributed. Some labor is naturally going to be more productive--better able to produce the stuff that consumers want--and thus get more income. The same is true for capital, land, entrepreneurship. However, without government intervention, an unequal distribution of income tends to perpetuate itself. Those who have more income, can invest in additional productive resources, and thus can add even more to their income.

     See also | income | resources | third rule of inequality | wealth distribution | equity | distribution standards | ownership and control |


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INCOME DISTRIBUTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: October 24, 2021].


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UTILITY ANALYSIS

A subset of consumer demand theory that analysis consumer behavior and market demand using total utility and marginal utility. The key principle of utility analysis is the law of diminishing marginal utility, which offers an explanation for the law of demand and the negative slope of the demand curve.

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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for slow moving vehicles with darkened windows.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Do not let what you cannot do interfere with what you can do. "

-- John Wooden, basketball coach

GARP
Generalized Axioms of Revealed Preference
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