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INSTITUTION: An established method or way of doing something that's widely accepted throughout society. Common institutions include marriage, markets, high school football in the fall, government, and Christmas gift-giving. Institutions provide the rules and guidelines needed to carry out the day-to-day activities of our lives. Institutions provide the crucial structure of a society and the framework within which economic activity takes place. Without institution structure, anarchy would prevail. With the rules, though, come rigidities that can prevent resources from being allocated efficiently.
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OLIGOPOLY, BEHAVIOR Oligopolistic industries share several behavioral tendencies, including: (1) interdependence, (2) rigid prices, (3) nonprice competition, (4) mergers, and (5) collusion. In other words, each oligopolistic firm keeps a close eye on the decisions made by other firms in the industry (interdependence), are reluctant to change prices (rigid prices), but instead try to attract customers from the competition using incentives other than prices (nonprice competition), and when they get tired of competing with their competitors they are inclined to cooperate formally and legally (mergers) or informally and illegally (collusion).
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for gnomes hiding in cypress trees.
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More money is spent on gardening than on any other hobby.
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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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DVP
Discounted Present Value
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