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July 22, 2018 

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COMPETITION: In general, the actions of two or more rivals in pursuit of the same objective. In the context of markets, the specific objective is either selling goods to buyers or alternatively buying goods from sellers. Competition tends to come in two varieties -- competition among the few, which is market with a small number of sellers (or buyers), such that each seller (or buyer) has some degree of market control, and competition among the many, which is a market with so many buyers and sellers that none is able to influence the market price or quantity exchanged.

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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production Page: 3 of 25

Topic: Final Goods and Services <=PAGE BACK | PAGE NEXT=>

A second phrase to highlight is 'final goods and services'.
  • Production generally involves several intermediate steps which involves market exchanges of intermediate goods. GDP measures only the market value of final goods.
  • The cost of intermediate goods is already included in the price and thus the market value of finished product when sold to final users.
  • To avoid double counting, GDP does not separately include the market value of any intermediate goods.
Final goods are those reaching their final user and include: household consumption, business investment in capital, government purchases, and exports.

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PERFECT COMPETITION, PROFIT ANALYSIS

A perfectly competitive firm produces the profit-maximizing quantity of output that generates the highest level of profit. This profit approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve a comparison of total revenue and total cost or a comparison of marginal revenue and marginal cost.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for cardboard boxes.
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This isn't me! What am I?

In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"You can't build a reputation on what you are going to do."

-- Henry Ford, automaker

ACV
Actual Cash Value
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