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ELASTICITY ALTERNATIVES, DEMAND: The price elasticity of demand can fall into one of five categories--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--based on the coefficient of elasticity. These five elasticity alternatives form a continuum ranging from perfectly elastic at one end to perfectly inelastic at the other. The "middle" of this continuum is occupied by unit elastic. in that the "unit" and the two "perfectly" are really borders, boundaries, and endpoints, most of the real world action involving the price elasticity of demand takes place in the two "relatively" alternatives--relatively elastic and relatively inelastic.
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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. See also | game theory | stock market | financial market | exchange | production | consumption | market |
Recommended Citation:ZERO-SUM GAME, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: June 14, 2025].
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INFLATION A persistent increase in the average price level in the economy. It is measured by the inflation rate, the annual percentage change in a price index such as the Consumer Price Index (CPI) or GDP price deflator. Inflation is the most common phenomenon associated with the price level. Two related phenomena are deflation, a decrease in the price level, and disinflation, a decrease in the inflation rate. Inflation is one of two key macroeconomic problems. The other is unemployment.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"We should never allow ourselves to be bullied by an either-or. There is often the possibility of something better than either of those two alternatives. " -- Mary Parker Follett, management coach
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AVC
Average Variable Cost
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