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COMPETITIVE MARKET: A market with a large number of buyers and a large number of sellers, such that no single buyer or seller is able to influence the price or any other aspect of the market -- no one has any market control. A competitive market achieves efficiency in the use of our scarce resources if there are no market failures present.
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RESOURCE ALLOCATION The process of distributing resources for the production of goods and services which are then distributed for the satisfaction of wants and needs and human consumption. This is also commonly referred to by the single word "allocation." The resource allocation process is an essential part of an economy's effort to address the problem of scarcity
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"The less secure a man is, the more likely he is to have extreme prejudices. " -- Clint Eastwood, actor, director
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AVC
Average Variable Cost
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