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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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WHITE GULLIBON
Your compete MICRO*scope for today
You are the type of person who does not realize when you are being taken for a ride. Family and friends mock you behind your back but not to your face. Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for pencil sharpeners with an attitude. You should consider shopping at stores or businesses beginning with the letter U, but do not buy any products with a serial number or product code containing the number 531928. Your preferred shopping venue is television shopping channels. Your special symbol is the minus sign (-).
Is this You?
As a White Gullibon, you are extremely trusting but somewhat impressionable, seeing only the good in other people. You tend to be a bit naive in the wily ways of the marketplace and thus are often exploited by others, especially the Reg Aggressorine. Like it or not, you are the poster child for the phrase "let the buyer beware." You are empathetic to the plight of others, often to your own detriment.
This isn't me! What am I?
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FACTOR DEMAND ELASTICITY The elasticity of a factor demand curve is affected by four items: (1) the price elasticity of demand for the good produced, (2) the production function technology and elasticity of marginal physical product, (3) the ease of factor substitutability, and (4) the share of the factor's cost relative to total cost. Changes in any of these four items cause the price elasticity of factor demand to change. In other words, the quantity of factor services demanded becomes more or less sensitive to changes in the factor price.
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Taking A Ride On TRANSPORTATION INFRASTRUCTUREOur pedestrian excursion gives us a ground-level view of the economy, but it's certainly slow and time-consuming. If you're like me, you've probably thought once or twice about jumping into an Omni Motors XL GT 9000 sports coupe to speed us along the way. Or perhaps an Omni Airlines 30-day tourist excursion would make our trip faster and less exhausting. That's one nice thing about modern transportation, it's pretty quick and not too expensive. It also helps us get a whole lot closer to solving the unsolvable problem of scarcity. However, for a really good pedestrian view of transportation and how it helps us along, we'd better remain on foot.
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John Maynard Keynes was born the same year Karl Marx died.
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"A successful man is one who can lay a firm foundation with the bricks others have thrown at him. " -- David Brinkley, newsman
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LAN
Locally Asymptotically Normal
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