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UTILITY MAXIMIZATION: The process or goal of obtaining the highest level of utility from the consumption or use of goods and services. This is based on the seemingly obvious presumption that people prefer more to less, which is intimately tied to the unlimited wants and needs aspect of scarcity. In other words, because people have unlimited wants and needs, because they always have unfulfilled wants or needs, satisfying these wants and needs is a desirable thing to do.
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CAPITAL The manufactured, artificial, or synthetic goods used in the production of other goods, making capital the "produced" factor of production. This is one of four basic categories of resources, or factors of production. The other three are labor, land, and entrepreneurship. Capital makes labor more productive.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"God gives talent; work transforms talent into genius. " -- Anna Pavlova, ballerina
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GNP
Gross National Product
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