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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 11: Elasticity Basics | Unit 5: Market Elasticity Page: 24 of 25

Topic: Elasticity Determinants <=PAGE BACK | PAGE NEXT=>

  • Elasticity determinants affect the coefficient of elasticity.

  • Availability of Substitutes:
    • The elasticities of demand and supply are relatively greater for goods that have a large number of relatively close substitutes-in-consumption or substitutes-in-production.

  • Time Period:
    • The elasticities of demand and supply are relatively greater for goods over a longer period than a shorter period.

  • Proportion of Budget:
    • The elasticity of demand is greater for goods that take up a smaller proportion of a buyer's budget.

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RISK PREMIUM

The difference between a guaranteed or certain income and a risky income that generate the same level of utility. Risk premium is the amount of income that a risk adverse person is willing to pay to avoid the risk. Alternatively, it is the amount of income that a risk loving person is willing to pay to engage in risk. For risk aversion, the risk premium is the amount a person would pay for insurance.

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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for telephone calls from former employers.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

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