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RIVAL CONSUMPTION: Consumption of a good by one person imposes a cost on, or prevents consumption of the good by, another person. Some goods, like food, have extremely rival consumption. One person, and only one person, gets the benefit. Other goods, like national defense, have no consumption rivalry, everyone can benefit simultaneously without imposing a cost on others. This is one of the two key characteristics of a good (the other is excludability) that distinguishes between common-property goods, near-public goods, private goods, and public goods.
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PRODUCT LIFE CYCLE The different stages that a product traverses over the course of its life from initial availability (birth) to eventual unavailability (death). The key stages are development, introduction, growth, maturity, saturation, and decline. The product life cycle, represented by an S-shaped curve, is an adaptation of the biological life cycle and is common to the study of marketing. It is also important in the analysis of innovation and economic instability. In addition to biological growth, comparable S-shaped life cycles are found in short-run production of a firm, the growth of a person's income, the acquisition of knowledge, and the development of a civilization.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. 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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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"I don't subscribe to the thesis, 'Let the buyer beware,' I prefer the disregarded one that goes, 'Let the seller be honest.'" -- Isaac Asimov, Author
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U
Unemployment
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