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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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INFORMATION The transfer of knowledge from one person to another. Information is a flow concept. It requires someone (or something) to do the sending and someone to do the receiving. Information is a valuable commodity that provides benefits, but also incurs an opportunity cost to produce, meaning information is never perfect or complete. The existence of asymmetric information (some have more information than others) gives rise to the problems of adverse selection, moral hazard, and the principal-agent problem.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"When the solution is simple, God is answering." -- Albert Einstein
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NE
Nash Equilibrium
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