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POVERTY: A condition in which a person lacks many of the basic necessities of life and the income needed to buy them. If these seems like a fuzzy concept, it is. Poverty is often a subjective notion, because the notion of basic necessities is also subjective. While everyone needs food for life, will a handful of wild grain do the trick or do you need an evening of fine dining? While there are no once-and-for-all, clear-cut answers, our good friends with the government have developed a so-called poverty line used as an official measure of who's in poverty and who's not. Most importantly, this poverty line is used to determine who's eligible to receive welfare and other forms of public assistance.
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SCARCITY A pervasive condition of human existence that results because society has unlimited wants and needs, but limited resources used for their satisfaction. This fundamental condition is the common thread that binds all of the topics studied in economics.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for small children selling products door-to-door.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"The marvelous thing about human beings is that we are perpetually reaching for the stars. The more we have, the more we want. And for this reason, we never have it all. " -- Joyce Brothers, psychologist
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NYMEX
New York Mercantile Exchange
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