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MARGINAL UTILITY CURVE: A curve illustrating the relationship between the marginal utility obtained from consuming a good and the quantity of the good consumed. The marginal utility curve can be used to derived the demand curve, which is discussed in detail in the entry on marginal utility and demand. If you've nothing better to do for the moment, let's derive a marginal utility curve.
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ASSUMPTIONS, CLASSICAL ECONOMICS Classical economics, especially as directed toward macroeconomics, relies on three key assumptions--flexible prices, Say's law, and saving-investment equality. Flexible prices ensure that markets adjust to equilibrium and eliminate shortages and surpluses. Say's law states that supply creates its own demand and means that enough income is generated by production to purchase the resulting production. The saving-investment equality ensures that any income leaked from consumption into saving is replaced by an equal amount of investment. Although of questionable realism, these three assumptions imply that the economy would operate at full employment.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for letters from the Internal Revenue Service.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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GATS
General Agreement on Trade in Services
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