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ZERO-SUM GAME: A situation in which a fixed amount is divided up among the winners and losers. In a zero-sum game the wins equal the losses. Many stock market, or financial market, exchanges are zero-sum. One person buys low and sells high, while another buys high and sells low. The wealth in such transactions are merely transferred from one person to another. "Productive" market transactions, in contrast, are not zero-sum. The act of producing goods and services from resources that are consumed to satisfy wants and needs results in a net gain to society.

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Lesson 13: Aggregate Demand | Unit 3: The Curve Page: 10 of 22

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The aggregate demand curve captures the demand side of the aggregate market.

Highlights:

  • First: the price level, our GDP deflator, is on the vertical axis, and real production is on the horizontal axis.
  • Second: the aggregate demand curve has a negative slope. At lower prices, real aggregate expenditures are higher.
  • Third: all ceteris paribus aggregate demand determinants are constant.
  • Fourth: the aggregate demand curve gives us information for a given time period.

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MODEL

An abstract representation of the real world that is usually based on scientific theories, principles, and hypotheses. A model is used to analyze economic phenomena by focusing on a small number of essential aspects of the real world. It is then manipulated to derive conclusions and implications that can be applied to the real world.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for attractive cable television service repair people.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"Most of the things worth doing in the world had been declared impossible before they were done."

-- Louis D. Brandeis, Supreme Court Justice

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