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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 5: Market Demand | Unit 3: Demand Curve Page: 9 of 20

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This table is a demand schedule presenting the relationship between demand price and quantity demanded.

Assumptions:

  • Ceteris paribus factors do not change.
  • Data is for a specific time period.
Observations:
  • First, higher prices go with lower quantities demanded-the law of demand.
  • Second, the prices and quantities are maximum values.
  • Third, demand is the whole set of price/quantity pair numbers. Quantity demanded is any single number at the specified price.
  • By the way, these numbers are hypothetical.

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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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