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January 19, 2018 

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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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DURABLE GOOD: A good bought by consumers that tends to last for more than a year. Common examples are cars, furniture, and appliances. Durable goods play an important role in the business cycle. During a business cycle recession, consumers tend to put off buying durable goods, hoping that the ones they already have will last until the economy improves. This lack of durable good purchases by consumers, though, contributes to the length and severity of a recession because durable good producers are then forced to reduce output and lay off workers. An important part of a business cycle recovery is then an increase in durable goods purchases.

     See also | business cycle | recession | expansion | recovery | nondurable |


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DURABLE GOOD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: January 19, 2018].


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ECONOMIC SYSTEM

The assorted institutions that society uses to answer the three basic questions of allocation and address the fundamental problem of scarcity. Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs.

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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Lombard Street is London's equivalent of New York's Wall Street.
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