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October 16, 2018 

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WEALTH PYRAMID: A handy technique that many get-rich-quick schemes use to transfer a little wealth from a lot of people into the overflowing pockets of a few. In works in this manner--A person or business establishes a multi-level pyramid of investors, employees, or "distributors." Each level is responsible for recruiting the next level beneath it. The trick is that each distributor at one level recruits several distributors into the next lower level in an ever-expanding fashion. Each recruit transfers a little, teeny, tiny bit of their own wealth to the next higher level. In that each higher level has fewer members, that little, teeny, tiny bit of wealth accumulates rapidly, making those at the top incredibly well-off.

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PRICE-COST MARGIN: The difference between price (p) and marginal cost (mc) as a fraction of price, that is [p-mc]/p. The price-cost margin is usually taken as an indicator of market power because the larger the margin, the larger the difference between price and marginal cost, that is, the larger the distance between the price and the competitive price. The price-cost margin depends on the elasticity of demand. The price-cost margin is also called the Lerner index of market power.

     See also | market power | monopoly | price | competitive market | price maker | price leadership | marginal-cost pricing | Lerner index |


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PRICE-COST MARGIN, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 16, 2018].


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PRICE ELASTICITY OF DEMAND

The relative response of a change in quantity demanded to a change in price. More specifically the price elasticity of demand is the percentage change in quantity demanded due to a percentage change in price. This notion of elasticity captures the demand side of the market. A comparable elasticity on the supply side is the price elasticity of supply. Other notable demand elasticities are income elasticity of demand and cross elasticity of demand.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for small children selling products door-to-door.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"Success is more a function of consistent common sense than it is of genius. "

-- An Wang, industrialist

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