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VOTING PARADOX: The observation that voting by a relatively small group of people might generate a intransitive or inconsistent ranking of three or more alternatives, creating a paradox of rankings. The preferences of rational individuals are generally assumed to transitive and consistent, that is, if a person prefers A to B and B to C, then the person also prefers A to C. However, the preferences of group of voters might not be consistent. That is, as a group, voters might prefer A to B and B to C, but then prefer C to A. This is not only paradoxical and confusing, it also can be inefficient.

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Lesson 6: Supply | Unit 5: Scarcity Page: 18 of 19

Topic: Limited Resources <=PAGE BACK | PAGE NEXT=>

Supply is directly connected to the scarcity problem, especially limited resources.
  • Scarcity exists because society has limited resources, but unlimited wants and needs.
  • Markets were developed as a means of addressing the problem of scarcity:
    • The supply side of the market comes from the 'limited resources' side of the scarcity problem.
    • The demand side of the market comes from the 'unlimited wants and needs' side of the scarcity problem.

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GOLD CERTIFICATES

Paper currency issued and authorized by the U.S. Department of the Treasury that is, in principle, backed up by, and exchangeable for, an equivalent value of gold. Gold certificates were in circulation as a medium of exchange for the U.S. economy during two periods, 1865 to 1922 and 1928 to 1934. A similar form of paper currency is silver certificates.

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APLS

BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The average length of a "business lunch" is about 36 minutes.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

ITO
International Trade Organization
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