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MARKET SHARE: The fraction of an industry's total sales accounted for by a single business. In general, market share is a "first-guess" indicator of a firm's market control. If, for example, a company has a market share of 100 percent (that is, a monopoly), then you can rest assured it has a substantial amount of market control. A company with a 25 percent market share has less, but still notable, market control. In fact, when you get right down to the bottom line, the phrase "market share" is only worth mentioning for oligopolistic firms with a significant degree of market control. There really is no market control for a monopolistically competitive firm with a 0.00000001 percent market share.
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ASSUMPTION An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Each of us is issued but one life, and we know full well how it all ends. It would be regrettable to squander this one chance on someone else's appearance, someone else's experience. " -- Joseph Brodsky, Writer
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IBT
Indirect Business Taxes
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