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ECONOMIC GOOD: The transformation of limited resources for the purpose of satisfying unlimited wants and needs. You might detect a similarity between the term economic good and the term scarcity. The reason is that "economic good" is another term for scarce good. We call a scarce good an economic good because a scarce good is one that can be traded through markets.
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GREEN LOGIGUIN
Your compete MICRO*scope for today
You are the type of person who sees the world as an ongoing conflict between the forces of good and evil. Family and friends don't realize how good it makes you feel when sporting events end in a tie. Today, you are likely to spend a great deal of time at a flea market trying to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for attractive cable television service repair people. You should consider shopping at stores or businesses beginning with the letter I, but do not buy any products with a serial number or product code containing the number 115033. Your preferred shopping venue is strip malls. Your special symbol is the equal sign (=).
Is this You?
As a Green Logiguin, you seek a balance in life and your market activities. You are logical and reasonable, always seeking to weigh costs and benefits, pros and cons, ups and downs, ins and outs, goods and bads. You are the embodiment of yin and yang. You know that there are two sides to every story and every market exchange. Sometimes you buy. Sometimes you sell. You search out the best deals, with the highest quality and lowest price.
This isn't me! What am I?
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PRICE RATIONING The distribution or allocation of a limited commodity using markets and prices. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses. Markets ration commodities by limiting the purchase only to those buyers willing and able to pay the price.
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The Risky Business Of INSURANCEWe've avoided the clutches of Smilin' Ted, the insurance guy, during our saunter through economy, but our luck has run out. Here he comes, ready to offer you, me, and everyone else within earshot the chance to buy auto, health, life, and property insurance. If you really, REALLY care to ask, I'm sure that Smilin' Ted has other insurance possibilities as well. But, I'm not going to ask. If YOU want to know, then YOU have to ask.
Tell me more...
Visit the PEDestrian's Guide
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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JHR
Journal of Human Resources
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