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CAPACITY UTILIZATION RATE: The ratio of actual production by business sector factories and other productive establishments in the economy to the potential production of these establishments. This rate indicates if our economy's factories are being used as effectively and as fully as possible. Like the unemployment rate, the capacity utilization rate measures how close our economy is to full employment. And like unemployment, this rate moves up and down over the course of a business cycle. During expansions, the rate is near 85 percent (considered full employment), and during contractions, it tends to be in the 70 percent range. In addition to an overall rate, there are also separate rates for manufacturing, mining, and utility industries.
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CONSTRAINED UTILITY MAXIMIZATION The process of obtaining the highest possible level of utility from the consumption of goods or services, under given restrictions, when the highest overall level of utility cannot be reached. The notion of constrained utility maximization is a modification of the more general utility maximization assumption. It is based on the recognition that consumers might be restricted from achieving the absolute maximum level of utility. The primary restrictions tend to be the amount of income available relative to price paid. Constrained utility maximization generally does reach the peak of the total utility curve.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"I love the man who can smile in trouble, who can gather strength from distress and grow brave by reflection. " -- Thomas Paine, statesman
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AVT
Ad Valorem Taxes
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