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TIEBOUT HYPOTHESIS: The notion that people relocate from one political jurisdiction to another in search of a more preferred package of government taxes and spending. This hypothesis suggests that people "shop" for compatible government activity in the same way they might shop for a car, a house, or a flavor of ice cream. The Tiebout hypothesis indicates that people have two methods of "voting" on government activity -- one is at the ballot box the other is with their feet by seeking a more preferred location.
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VALUE IN USE The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that are undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for defective microphones.
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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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"Don't judge each day by the harvest you reap but by the seeds that you plant. " -- Robert Louis Stephenson, writer
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