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PERFECT COMPETITION AND EFFICIENCY: Perfect competition is the idealized market structure that achieves an efficient allocation of resources. The conditions of perfect competition, including (1) large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology, ensure that perfect competition efficiently allocates resources. This is in fact the purpose of perfect competition: a market structure that illustrates perfection, the best of all possible resource allocation worlds. The real world falls short of this perfection.
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STATE BANKS Traditional banks that are chartered by a government of one of the fifty states and which are not automatically members of the Federal Reserve System. The contrast to state banks are national banks, which are chartered by Comptroller of the Currency. State banks tend to smaller than national banks and whether justified or not tend to be slightly less prestigious. In the modern economy this distinction is less important than it was a few decades bank when state banks were subject to lesser state regulations than national banks.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for a thesaurus filled with typos.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"The truth is not for all men, but only for those who seek it. " -- Ayn Rand, writer
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IAB
Inter-American Bank
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