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REGIONAL ECONOMICS: The economic study of regions based on the consideration of space, transportation cost, and location in production and consumption decisions. Regional economics studies a wide variety of topics, including the migration of labor, the macroeconomic activity in cities and states, and the location choices of firms. A closely related area of study that focuses on economic activity within and between cities is termed urban economics.
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PROFIT MAXIMIZATION The process of obtaining the highest possible level of profit through the production and sale of goods and services. The profit-maximization assumption is the guiding principle underlying production by a firm. In particular, it is assumed that firms undertake actions and make the decisions that increase profit. The profit-maximization assumption is the production counterpart to the utility-maximization assumption for consumer behavior.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"In a restless, creative business with an emphasis on experiment and development, ideas are the lifeblood." -- Richard Branson, Virgin Group founder
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GARP
Generalized Axioms of Revealed Preference
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