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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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AUTONOMOUS INVESTMENT Business investment expenditures that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in investment. Autonomous investment is best thought of as investment that the business sector undertakes regardless of the state of the economy. It is measured by the intercept term of the investment line. The alternative to autonomous investment is induced investment, which does depend on income.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive business advantage. " -- Jack Welch, General Electric chief executive
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IER
International Economic Review
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