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Today's Index
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208.7
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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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JOINT DEMAND: Demand for two or more commodities that are either complements-in-consumption or complements-in-production. Joint demand results because two or more commodities are used together either to satisfy wants and needs or to produce goods and services. Because the commodities are used jointly, the demand for one good is necessarily based on the use and availability of another good. If, for example, you enjoy milk and brownies as complements-in-consumption, but the bakery is out of brownies, then your demand for milk is also likely to decline. See also | complement-in-consumption | complement-in-production | demand | consumption | production | joint product |
Recommended Citation:JOINT DEMAND, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2010. [Accessed: September 2, 2010].
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LONG-RUN AVERAGE COST The per unit cost of producing a good or service in the long run when all inputs under the control of the firm are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is guided by returns to scale.
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State of the ECONOMY
Real GDP
Second Quarter 2010
$14,597.7 Billion Source: BEA
Up 1.6% - Following a 3.7% 1st Qtr.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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"The shifts of fortune test the reliability of friends. " -- Marcus Tullius Cicero, Roman statesman
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T-BOND
Treasury Bond
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