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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 5: Demand | Unit 2: Law of Demand Page: 7 of 20

Topic: Substitution Effect <=PAGE BACK | PAGE NEXT=>

The second reason for the law of demand is the substitution effect.
  • The substitution effect exists because a change in the price of a good makes this price relatively higher or lower than the prices of other goods.
  • The higher the price of a good, then the more expensive it is relative to other goods. The lower the price of a good, then the less expensive it is relative to other goods.
  • Other prices remain unchanged.
  • The substitution effect is usually more important than the income effect.

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LAND

The naturally occurring resources used in the production of goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above. Land also includes the productive dimensions of space and accessibility. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and entrepreneurship.

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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"Always remember that striving and struggle precede success, even in the dictionary. "

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