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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 12: Elasticity and Demand | Unit 4: Determinants
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Page: 21 of 25
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In this unit, you should have learned about:- Substitute availability as the key elasticity determinant that affects the value of the coefficient of elasticity.
- Why goods with more close substitutes tend to be more elastic and goods with fewer closer substitutes tend to be inelastic.
- Why elasticity is greater for longer time periods because buyers have more time to find available substitutes.
- Why elasticity is greater for goods that constitute a larger proportion of buyers' budgets and smaller for goods that make up a smaller proportion of buyers' budgets.
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STANDARD OF DEFERRED PAYMENT The money function in which money is used as a standard benchmark for specifying future payments for current purchases, that is, buying now and paying later. This function may seem obscure, but it is a direct result of the store of value and unit of account functions. This is one of four basic functions of money. The other three are medium of exchange, unit of account, and store of value.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slow moving vehicles with darkened windows.
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John Maynard Keynes was born the same year Karl Marx died.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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T-BOND
Treasury Bond
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