Alternative Meanings of Economic Terms

RATIONING DEVICE

Real meaning: A means for deciding who gets what from available resources and goods.

Alternative meaning: Instead of just money, rationing devices can be intensity and loudness of screams and how much sass you can show during a discussion that morphed into a debate that morphed into a full blown super-aggressive argument. Whoever screams the loudest is the person who is heard. Logic and reasoning doesn't matter if you aren't loud enough.

RESIDUAL CLAIMANT

Real meaning: A person who shares in the profits of a business firm.

Alternative meaning: This is the teacher's pet and the epitome of perfection in the teacher's eyes. When the school benefits, they benefit, because they know they will be the one who will get picked to go to that conference abroad and get all the opportunities available.

MARGINAL PHYSICAL PRODUCT

Real meaning: The change in output that results from changing the variable input by one unit, holding all other inputs fixed.

Alternative meaning: If you've read enough articles on dealing with difficult people, you are sure to have come across something that is along the lines of, "You can't change what other people will do, you can only change your reaction to it". This law is telling you to do this. The variable input is your reaction which they for some reason think you can control. So the next time someone wrongly takes out their frustration at you, don't cry or try to soothe them, icily tell them that you hope that every spoonful of kacchi they eat always contains elachi.

SUNK COSTS

Real meaning: Costs incurred in the past that cannot be changed by current decisions and therefore cannot be recovered.

Alternative meaning: Time is and always will be one of the most valuable resources ever. However, some people don't seem to realise that. Sunk costs are all the time you wasted pursuing things that have little to no use and caused you more pain than pleasure. Think of all the money, time and effort you spent to woo the boy or girl who didn't end up with you, or more unfortunately, they did, and the relationship didn't work out so you have to break up.

LAW OF DIMINISHING MARGINAL UTILITY

Real meaning: For a given time period, the marginal or additional utility or satisfaction gained by consuming equal successive units of a good will decline as the amount consumed increases.

Alternative meaning: This law basically states that the more you consume, the less you enjoy.

Think of that fun, chatty friend who always has fresh gossip. The more you spend time with this person, the less and less you enjoy talking to them because they drain your energy with their negative comments and make you feel insecure with their habit of constantly picking out other people's flaws and exaggerating them till it sounds ridiculous and unbelievable.

RIVALROUS CONSUMPTION

Real meaning: A good whose consumption by one person reduces its consumption by others.

Alternative meaning: An example of this is the student who asks questions simply to flaunt his knowledge and understanding of the subject instead of trying to clear a genuine confusion. He takes up the time of other students who really did need help but now can't ask the teacher for help because class is over.