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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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SIMPLE TAX MULTIPLIER A measure of the change in aggregate production caused by changes in a government taxes that shocks the macroeconomy, when consumption is the ONLY induced expenditure. The simple tax multiplier is the negative marginal propensity to consume times the inverse of one minus the marginal propensity to consume. A related multiplier is the simple expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous expenditure.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"There's a very positive relationship between people's ability to accomplish any task and the time they're willing to spend on it." -- Dr. Joyce Brothers
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IPUMS
Integrated Public Use Microdata Series
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