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WANTS AND NEEDS: These are the unfulfilled desires that motivate human behavior and that when satisfied improve human well-being. They include both physiological or biological requirements for maintaining life (needs) and the psychological desires which make life more enjoyable (wants). However, when push comes to shove, and the nitty gets down to the gritty, it matters very little to markets if people need goods or want goods, so long as they are motivated to buy the goods to satisfy wants and needs.
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RISK PREFERENCES Three alternative views concerning the choice between a risky outcome and a certain outcome -- risk aversion, risk neutrality, and risk loving. Some people prefer to avoid risk (risk aversion), others enjoy engaging in risk (risk loving), and still others are indifferent (risk neutrality). Most people are risk averse, which underlies the provision of insurance. Others who are risk loving are more inclined to gamble, play the stock market, and be entrepreneurs.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Something in human nature causes us to start slacking off at our moment of greatest accomplishment. As you become successful, you will need a great deal of self-discipline not to lose your sense of balance, humility and commitment." -- H. Ross Perot
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MSE
Mean Squared Error
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