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RISK: The possibility of gain or loss. Risk the calculated probability of different events happening, is usually contrasted with uncertainty the possibility that any number of things could happen. For example, uncertainty is the possibility that you could win or lose $100 on the flip of a coin. You don't know which will happen, it could go either way. Risk, in contrast, is the 50 percent chance of winning $100 and the 50 percent chance of losing $100 on the flip of the coin. You know (or think you know) that your probability of winning or losing is 50 percent because the coin has a 50 percent chance of coming up either heads or tails.
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MARGINAL ANALYSIS A basic technique used in economics that analyzes small, incremental changes in key variables. Marginal analysis is the primary analytical approached used in the study of markets, production, consumption, business cycles, and economic policies. It not only reflects how most economic decisions are made, it also lends itself to mathematical and graphical analysis.
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Pumping Up The ECONOMIC GROWTHWe need to pay another visit to Scarcity Stan's Ye Olde Bakery Shoppe and Confectionery Palace. But this is not a social visit, nor is intended for some delectable pastries that will add a few extra pounds to our waistlines. We're here on official economic business. Stan's at wits end. He doesn't know what to do. There's been so much demand for his economic pie, what with society's unlimited wants and needs, that he needs to make it bigger. Our job is to figure out how. While we're doing that, we'll also see how to put our economy on the path to economic growth.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. " -- C. Northcote Parkinson, historian
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ICAPM
Intertemporal Capital Asset Pricing Model
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