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TRANSFERRABLE INPUT: An input that has a relatively large geographic market area due to the low cost of transportation. The low transportation cost means it is easier (that is, less expensive) to bring the input to the production activity rather than locating the production activity near the input. Like many things, transferrable inputs are a matter of degree. At the other end of the spectrum lies local inputs. Most manufactured intermediate goods tend to have a high degree of transferability. Information and energy inputs are also relatively easily transported.
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UTIL A hypothetical unit of measurement of utility that is commonly used by economists to present hypothetical information about utility and consumer demand theory. The util measurement unit was developed as a convenient way to illustrate and discuss concepts such as total utility, marginal utility, and the law of diminishing marginal utility. However, because utility is not a measurable characteristic, the util does represent an actual unit of measurement, such as inches or pounds.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for a thesaurus filled with typos.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Advice is like snow ‚ the softer it falls, the longer it dwells upon and the deeper it sinks into the mind. " -- Samuel Taylor Coleridge, poet
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JEP
Journal of Economic Perspectives
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