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PERSONALITY: A consistent pattern of behavior in certain situations. These behavioral tendencies are influenced by both hereditary and environmental factors resulting in individual characteristics. Marketing researchers look for certain personality characteristics that affect patterns of consumer buying behavior.
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Lesson 3: Scarcity | Unit 5: THE Problem
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Page: 16 of 17
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Can we solve the scarcity problem? Solutions: - Make unlimited resources: A solution to a world constrained by limited resources is a world of unlimited resources. It could happen. But is unlikely, even with technological advances.
- Make wants and needs limited: Another solution could be that everyone has limited wants and needs. Unlimited wants and needs seems basic to human nature. Would we want to make wants an needs limited?
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RECOGNITION LAG The time lag that it takes to identify and document the existence of an economic problem that might require government action. The recognition lag arises because it takes time to collect and analyze economic data; to verify that an actual problem exists. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are decision lag and implementation lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Laughter is the shortest distance between two people. " -- Victor Borge, musician, humorist
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GEB
Games and Economic Behavior
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