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FORECASTING: The process of anticipating and predicting economic conditions months or years before fact using statistical estimation techniques the model economic activity. Forecasting most often employs sophisticated mathematical models (with hundreds equations). However, specific measures (such as the stock market) or composite indexes that have been shown to lead economic activity (that is, leading economic indicator) are also effectively used for forecasting.
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UTILITY The satisfaction of wants and needs obtained from the use or consumption of goods and services. The terms utility and satisfaction are, for the most part, used interchangeably in economics. The concept of utility is integral to utility analysis, consumer demand theory, and the microeconomic analysis of consumer behavior and market demand.
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Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for pencil sharpeners with an attitude.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Expect people to be better than they are; it helps them to become better. But don't be disappointed when they're not; it helps them to keep trying." -- Merry Browne, Author
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