Viviana Herrera Key terms Project Winner take all market A winner take all market is a market based on skills It means that only the best skilled persons can survive in it As a consequence the competition that is composed by the normal population who does not have the same skills ends up losing money or not earning enough income and they have to look for another market In this kinds of markets the higher rewards are going to the most successful sellers contributing to the economic inequality increasing the disparity between rich and poor According to Frank this kind of market produces two forms of waste first by attracting too many contestants and second by giving rise to unproductive patterns of consumption and investment as contestants vie with one another for top positions Frank 8 Underground economy An underground economy is composed by illegal transactions or activities It could be any kind of economic transaction in which people earn money but they do not report their income to the government in order to avoid taxes This kind of economic transaction is usually related to illegal practices such as drug dealing prostitution and so on However it can also include activities such as selling food or any kind of product without government authorization The government penalize this kind of transactions depending on the seriousness of the case That is why this kind of activities has to be done secretly this is represented in the name underground Even though Underground economies are hide and they are not submitted to government regulations there are always rules to be obeyed codes to be followed and likely Viviana Herrera consequences of actions Venkatesh Pg 9 It means that if they do not follow their own rules they can be in big troubles Public space Public space is common spaces that people in a community share In general those areas in the ghetto that are considered public space are the areas such as street corners alleyways and sidewalks that are typically publicly owned and maintained and to which all citizens in theory have access Venkatesh p 172 These spaces are accessible for all citizens without exclusion According to Venkatesh these spaces can be used sometimes to made illegal economic transaction given that they are not controlled or owned by anybody Sellers take advantage of the availability of consumers who are always looking for cheaply goods and services