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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-PRICE RATIO The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods. Equality between all marginal utility-price ratios is the rule of consumer equilibrium which is satisfied with utility maximization.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for jovial bank tellers.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"My life as a writer consists of 1/8 talent and 7/8 discipline. " -- John Irving, writer
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VAT
Value Added Tax
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