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URBAN ECONOMICS: The economic study of cities and urban areas based on the consideration of space, transportation cost, and location in production and consumption decisions. Urban economics studies a wide variety of topics, how and why cities are formed, how land is used within cities, the location of one city relative to another, and the relative size of cities. A closely related area of study that focuses on economic activity in larger regions is termed regional economics.
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LAW OF DIMINISHING MARGINAL UTILITY A principle stating that as the quantity of a good consumed increases, eventually each additional unit of the good provides less additional utility--that is, marginal utility decreases. Each subsequent unit of a good is valued less than the previous one. The law of diminishing marginal utility helps to explain the negative slope of the demand curve and the law of demand.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for infected paper cuts.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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NDP
Net Domestic Product
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