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IMPLICIT COLLUSION: Seemingly independent, but parallel actions among competing firms (mostly oligopolistic firms) in an industry that achieve higher prices and profits, much as if guided by an explicit collusion agreement. Also termed tacit collusion, the distinguishing feature of implicit collusion is the lack of any explicit agreement. They key is that each firm seems to be acting independently, perhaps each responding to the same market conditions, but the end result is the same as an explicit agreement. This should be contrasted with explicit or overt collusion that does involve a formal, explicit agreement.

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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production Page: 5 of 25

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In this unit, you should have learned something about:
  1. How numerical measurements are used to indicate the health and well-being of the economy.
  2. Gross Domestic Product (GDP), which is the total market value of all final goods and services produced in the economy in a given period of time.
  3. That GDP seeks to measure ALL production of goods and services in the economy at its total market value.
  4. That GDP only measures the market value of final goods and services, because the cost of intermediate goods is included in the price of the finished product.
  5. That GDP measures the flow of current production that takes place during a specific period, usually one year.
  6. The difference flows, which are measures that take place over a period of time, and stocks, which are measures that exist at a point in time.

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LAND

The naturally occurring resources used in the production of goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above. Land also includes the productive dimensions of space and accessibility. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and entrepreneurship.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for celebrities who speak directly to you through your television.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

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