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WHAT?: One of three basic questions of allocation (the other two are How? and For Whom?). Answering the 'What?' question of allocation determines the types and quantities of goods and services produced with society's limited resources. Should society produce hammocks or hot fudge sundaes? Computers or Cadillacs? Birdfeed or battleships? The production possibilities analysis sets the stage for answering the 'What?' question.
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UTILITARIANISM A philosophical view that the value or worth of an action depends on the amount of pleasure it generates or the amount of pain it prevents, or in economic terms, the amount of utility generated. Utilitarianism, although dating back to the early Greek philosophers, is largely attributable to the work of Jeremy Bentham and John Stuart Mill. This philosophy played a major role in the development of modern consumer demand theory and utility analysis.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"The truth of the matter is that you always know the right thing to do. The hard part is doing it." -- Norman Schwarzkopf, US Army general
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VAR
Vector Autoregression
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