March 23, 2018 

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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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PRIVATIZATION: The process of converting or "selling off" government-owned assets, properties, or production activities to private ownership. After several decades of increasing government control over productive activities, privatization came into vogue in the 1980s, along with business deregulation and an overall movement toward greater use of markets.

     See also | private property | private sector | government | public sector | deregulation | market | fifth rule of imperfection | invisible hand | government functions | conservative | liberal | nationalization | paternalism | mixed economy | free enterprise | normative economics |

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A hypothetical unit of measurement of utility that is commonly used by economists to present hypothetical information about utility and consumer demand theory. The util measurement unit was developed as a convenient way to illustrate and discuss concepts such as total utility, marginal utility, and the law of diminishing marginal utility. However, because utility is not a measurable characteristic, the util does represent an actual unit of measurement, such as inches or pounds.

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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for pencil sharpeners with an attitude.
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