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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 2: Looking Behind GDP Page: 6 of 25

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Measuring GDP in the U.S. economy uses data involving $8 trillion of production, 270 million consumers, hundreds of thousands of businesses, and a huge number of market transactions.
  • The circle on the left represents all current economic production in the economy. This is what GDP seeks to measure.
  • But GDP can not measure this directly. Information for measuring GDP comes from market transactions.
  • The circle on the right represents all market transactions.
  • Much of the economic production circle overlaps the market transaction circle. But each circle has a slice not contained in the other.

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BANK RUN

A situation in which a relatively large number of a bank's customers attempt to withdraw their deposits in a relatively short period of time, usually within a day or two. While common throughout the 1800s and early 1900s, government deposit insurance has largely eliminated banks runs in the modern economy. Historically a bank run was prompted by fears that the bank was on the verge of collapse, causing deposits to become worthless. Ironically a bank run often caused the bank to fail. Bank runs were often infectious, leading to economy-wide bank panics and business-cycle contractions.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?

In the early 1900s around 300 automobile companies operated in the United States.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

EMS
European Monetary System
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