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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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AVERAGE REVENUE, MONOPOLY The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopoly average revenue is greater than marginal revenue. Average revenue for a monopoly is often depicted by a negatively-sloped average revenue curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Give the American people a good cause, and there's nothing they can't lick. " -- John Wayne, actor
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LCH
Life Cycle Hypothesis
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