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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 9: Macro Basics | Unit 3: Business Cycles Page: 10 of 16

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  • Business cycles, which are recurring expansions and contractions of the aggregate economy.
  • Expansions as general increases in economic activity and contractions as general decreases in economic activity.
  • An expansion is associated with low or falling unemployment and high or rising inflation, and a contraction is associated with high or rising unemployment and low or falling inflation.
  • Some business cycle causes: consumption, investment, government purchases and taxes, net exports, money, and resource supply considerations.


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PHYSICAL SCIENCE

The scientific study of the physical world, especially nonhuman, nonsociety phenomena, such as atoms, planets, wildlife, and continental drift. Common disciplines that study these physical phenomena are physics, chemistry, biology, geology, and astronomy. Physical science is one of two broad scientific classifications. The other is social science, which is the study human behavior and society.

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APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?

Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

FOMC
Federal Open Market Committee
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