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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 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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MARGINAL UTILITY CURVE A curve illustrating the relation between the marginal utility obtained from consuming an additional unit of good and the quantity of the good consumed. The negative slope of the marginal utility curve reflects the law of diminishing marginal utility. The marginal utility curve also can be used to derived the demand curve.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for jovial bank tellers.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"There's a very positive relationship between people's ability to accomplish any task and the time they're willing to spend on it." -- Dr. Joyce Brothers
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ACIR
Advisory Council on Intergovernmental Relations
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