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ECONOMIC GOOD: The transformation of limited resources for the purpose of satisfying unlimited wants and needs. You might detect a similarity between the term economic good and the term scarcity. The reason is that "economic good" is another term for scarce good. We call a scarce good an economic good because a scarce good is one that can be traded through markets.
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INSURANCE A service that transfers the risk of loss from an individual to a larger group. The larger group is typically represented by an insurance provider, either a private for-profit company or a government agency. The insurance provider can assume the risk through risk pooling. Risk averse people, who are willing to pay a premium to avoid risk, are the ones most inclined to purchase insurance. The risk averse individual agrees to incur a small guaranteed loss (the premium) but avoids incurring a less likely, but much bigger, loss.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for attractive cable television service repair people.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
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SSRN
Social Science Research Network
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