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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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Lesson 3: Scarcity | Unit 1: The Concept
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Page: 1 of 17
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- Scarcity is the pervasive condition that exists because society has unlimited wants and needs, but limited resources used for their satisfaction.
Meaning:- We can't have everything because resources are limited.
Unlimited wants and needs are half of the scarcity problem.- Unlimited wants and needs are what motivate us to take action, to produce goods, and to advance our well-being.
- We are motivated to do things that satisfy these wants and needs. Satisfaction is achieved when wants and needs are fulfilled.
- Scarcity results because wants and needs are unlimited. No one has ever been completely satisfied. We always want more.
Limited resources are the other half of our scarcity problem. - Resources are the stuff that we use to produce the goods that fulfill our wants and needs.
- Resources are the things that make satisfaction possible.
- Resources are limited. We have only so much 'stuff' than can be used to produce the goods that satisfy our wants and needs.
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CONSERVATIVE A political view that favors--(1) limited government intervention in the economy, (2) extensive reliance on markets, (3) strong national defense, (4) protection and promotion of existing cultural ideals and beliefs, and (5) economic rewards predominately based on productive efforts.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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AMW
Average Monthly Wage
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