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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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ASSUMPTION An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"I feel sorry for the person who canžt get genuinely excited about his work. Not only will he never be satisfied, but he will never achieve anything worthwhile. " -- Walter Chrysler, automaker
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EEO
Equal Employment Opportunity
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