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UTIL: An hypothetical, as in totally fabricated, unit of measurement for utility that's used by economists to present hypothetical information about utility and consumer demand theory. Economists are fond of making up hypothetical stuff, especially if it drives home an important economic notion. In this case, the term "util" (also frequently used in plural as "utils") is a convenient way to discuss utility and the satisfaction of wants and needs that consumers obtain from consuming or using a good.

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PRODUCTION

The process of transforming the natural resources of the land into consumer satisfying consumption goods or productive capital goods. This transformation process involves the four scarce resources or factors of production--labor, capital, land, and entrepreneurship. Although production is generally the physical transformation of materials, it often involves the spatial relocation, or transportation, of commodities, as well.

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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for high interest rates.
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A half gallon milk jug holds about $50 in pennies.
"Most human beings have an almost infinite capacity for taking things for granted. "

-- Aldous Huxley, writer

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