Absolute (Money) Price

U.S. Treasury Securities Bonds and
bond-like securities issued by the U.S.
Treasury when it borrows.
Undervalued A currency is undervalued if
its price in terms of other currencies is below
the equilibrium price.
Unemployment Rate The percentage
of the civilian force that is unemployed:
Unemployment rate 5 Number of unemployed persons/Civilian labor force.
Union Shop An organization in which a
worker is not required to be a member of
the union to be hired but must become a
member within a certain period of time after
being employed.
Unit Elastic Demand The demand when
the percentage change in quantity demanded
is equal to the percentage change in price.
The quantity demanded changes proportionately to price changes.
Unit of Account A common measure
in which relative values are expressed; a
function of money.
(Upward-Sloping) Supply Curve The
graphical representation of the law of supply.
Util An artificial construct used to measure
utility.
Utility A measure of the satisfaction,
happiness, or benefit that results from the
consumption of a good.
V
Value Marginal Product (VMP) The
price of the good multiplied by the marginal
physical product of the factor: VMP 5 P 3
MPP.
Variable Costs Costs that vary with output;
the costs associated with variable inputs.