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INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This 'law' is most important to the slope of the production possibilities curve. It generates the convex shape of the curve, making the curve flat at the top and steep at the bottom.
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UTILITY ANALYSIS A subset of consumer demand theory that analysis consumer behavior and market demand using total utility and marginal utility. The key principle of utility analysis is the law of diminishing marginal utility, which offers an explanation for the law of demand and the negative slope of the demand curve.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
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Y
Income, Nominal Gross National Product
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