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April 24, 2018 

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WEALTH PYRAMID: A handy technique that many get-rich-quick schemes use to transfer a little wealth from a lot of people into the overflowing pockets of a few. In works in this manner--A person or business establishes a multi-level pyramid of investors, employees, or "distributors." Each level is responsible for recruiting the next level beneath it. The trick is that each distributor at one level recruits several distributors into the next lower level in an ever-expanding fashion. Each recruit transfers a little, teeny, tiny bit of their own wealth to the next higher level. In that each higher level has fewer members, that little, teeny, tiny bit of wealth accumulates rapidly, making those at the top incredibly well-off.

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Lesson 13: Aggregate Demand | Unit 4: Determinants Page: 18 of 22

Topic: Shifts: Decrease <=PAGE BACK | PAGE NEXT=>

The aggregate demand determinants cause the aggregate demand curve to shift. A decrease in aggregate demand shifts the aggregate demand curve to the left.

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SCARCITY

A pervasive condition of human existence that results because society has unlimited wants and needs, but limited resources used for their satisfaction. This fundamental condition is the common thread that binds all of the topics studied in economics.

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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for fairy dust that tastes like salt.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. "

-- George Lucas

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Variable Elasticity of Substitution
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