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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 6: Supply | Unit 2: Law of Supply Page: 7 of 19

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  • The law of supply, which is an economic principle stating that supply price and quantity supplied are directly related, ceteris paribus.
  • The fact that the law of supply is not as rigid as the law of demand.
  • The ceteris paribus assumption, holding other things unchanged, that is used when using the law of supply.
  • How the law of supply is based on increasing production cost, which depends on the law of increasing opportunity cost.


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SCARCE GOOD

A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase scarce good can also commonly include intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for scarce good is economic good.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials trying to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for neighborhood pets, especially belligerent parrots.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"The time to repair the roof is when the sun is shining."

-- John F. Kennedy, 35th U. S. president

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