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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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CENTRAL PLANNING A system of extensive central government control of an economy, including organizing production and making allocation decisions. This was the popular method of allocating resources and answering the three basic questions of allocation under communism and socialism economic systems of the Soviet Union, China, and others during the 1950s, 1960s, and 1970s.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Failure is the opportunity to begin again, more intelligently. " -- Henry Ford, automobile manufacturer
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AS-AD
Aggregate Supply-Aggregate Demand Model
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