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INSURANCE: Transferring risk to others. The need for insurance occurs because people tend to be risk averse in many circumstances. As such, most of us are willing to pay for certainty. Those who satisfy this need for insurance, insurance companies for example, do so because they can pool risk. If insurance companies know the chance of some loss (an accident, illness, or whatever) and its cost, then they can divide this cost among a large group of risk averse types. The insurance company agrees to pay the cost of the loss and each of the risk averse types pay a risk premium, but get the peace of mind that goes with certainty.

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Lesson 11: Circular Flow | Unit 5: Real World Page: 19 of 22

Topic: Expenditures <=PAGE BACK | PAGE NEXT=>

Gross domestic product (GDP) is the sum of consumption, investment, government purchases, and net exports.

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SIXTH RULE OF IGNORANCE

The sixth of seven basic rules of the economy, stating that obtaining information is a costly activity that requires resources with alternative uses. As such, no one knows everything and everyone is ignorant about something.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

T-BOND
Treasury Bond
A PEDestrian's Guide
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