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RISK AVERSE: A person who values a certain income more than an equal amount of income that involves risk or uncertainty. To illustrate, let's say that you're given two options--(A) a guaranteed $1,000 or (b) a 50-50 chance of getting either $500 or $1,500. If you chose option A, then you're risk averse. Both options give you the same "expected" values. In other words, if you select option B a few hundred times, then your average amount over those few hundred times is $1,000.
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Lesson 5: Demand | Unit 1: Buying Basics
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Page: 3 of 20
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Topic:
Quantity Demanded
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Second, quantity demanded. Quantity demanded is the specific quantity of a good that buyers would be willing and able to buy at a specific price. - Price and quantity demanded are a pair of numbers that go together.
Quantity demanded is not the same as demand.- Demand is the entire range of prices and quantities (all pairs of numbers).
- Quantity demanded is a specific quantity at a specific price (a quantity paired with a price).
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BEHAVIORAL ALTERNATIVES Two different inclinations toward institution changing innovations and maintenance of the status quo. One alternative is entrepreneurial behavior, which is the willingness to develop or adopt innovations that change existing institutions and the status quo. The other alternative is managerial behavior, which is the desire to maintain and promote existing institutions and the status quo. These alternatives can be traced to different preferences for novel and redundant information, which result from the physiological reaction to a potential threat.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for mail order catalogs with hidden messages.
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More money is spent on gardening than on any other hobby.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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UR
Unemployment Rate
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