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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: 2 of 17
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We live in a big, bad world of scarcity. Meaning: - There's never enough resources to produce everything that everyone wants,
- Some people have to do without some of the stuff that they want or need,
- The same resources can not be used to produce two different goods at the same time, and
- Doing one thing, producing one good, performing one activity, forces you to give up something else.
Then: - Scarcity is what the study of economics is all about.
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INFLATIONARY EXPECTATIONS, AGGREGATE EXPENDITURES DETERMINANT One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. An increase in inflationary expectations causes an increase (upward shift) of the aggregate expenditures line. A decrease in inflationary expectations causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include interest rates, federal deficit, consumer confidence, and exchange rates.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for the happiest person in the room.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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FCLT
Functional Central Limit Theorem
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