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ORDINAL UTILITY: A method of analyzing utility, or satisfaction derived from the consumption of goods and services, based on a relative ranking of the goods and services consumed. With ordinal utility, goods are only ranked only in terms of more or less preferred, there is no attempt to determine how much more one good is preferred to another. Ordinal utility is the underlying assumption used in the analysis of indifference curves and should be compared with cardinal utility, which (hypothetically) measures utility using a quantitative scale.
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CURRENT PRODUCTION The production of final goods and services that takes place during a given time period. The emphasis here is on time period, especially the CURRENT time period. The macroeconomy's prime measure of current production is gross domestic product. Current production is best contrasted with transactions for past production and future production, both of which are excluded from gross domestic product.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"The more you praise and celebrate your life, the more there is in life to celebrate." -- Oprah Winfrey
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MLR
Minimum Lending Rate
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