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RISK LOVING: A person who values a certain income less than an equal amount of income that involves risk or uncertainty. Suppose that you have two options--(A) a guaranteed $1,000 or (b) a 50-50 chance of getting either $500 or $1,500. If you chose option B, then you're risk loving. While both options give you the same "expected" values, you get more satisfaction from the risky option than the guaranteed one. In fact, risk loving people are willing to pay for the opportunity to experience a risky situation.
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Lesson 17: Money | Unit 4: Money's History
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Page: 19 of 25
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Topic:
Metal Commodity Money
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Metals are a natural for use as a commodity money.- The most important characteristic of metals is durability.
- Some people erroneously think that metals and only metals are true money.
Metals: - They are extremely durable, quite divisible, relatively easy to transport and difficult to counterfeit.
- They are not perfect.
Drawbacks: - Transportability: Metals are heavy.
- Value in use affects value in exchange: A change in the market price brought by disruptions of the market, affect value in exchange and can play havoc with the economy.
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MARKET DISEQUILIBRIUM The state of the market that exists when the opposing market forces of demand and supply do achieve a balance and there is an inherent tendency for change. Market disequilibrium results if the market is not in equilibrium. More specifically, market disequilibrium results if the demand price is not equal to the supply price and the quantity demanded is not equal to the quantity supplied.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for rusty deck screws.
Your Complete Scope
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Everyone is bound to bear patiently the results of his own example. " -- Phaedrus, Philosopher
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SLLN
Strong Law of Large Numbers
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