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PERFECT COMPETITION CHARACTERISTICS: The four key characteristics of perfect competition are: (1) large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology. These four characteristics mean that a given perfectly competitive firm is unable to exert any control whatsoever over the market.
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Lesson 11: Circular Flow | Unit 4: Foreign
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Page: 17 of 22
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Topic:
Exports and Imports
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- Exports are goods and services produced by the domestic economy and purchased by the foreign sector.
- Imports are goods and services produced by the foreign sector and purchased by the domestic economy.
- Exports are the green flow coming from the foreign sector and joining GDP before reaching the business sector.
- Imports are the green flow leaving the consumption, investment, government purchases stream and going to the foreign sector.
- Note that the physical flow of production (exports and imports) moves in opposite direction as the green payment flows.
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TOTAL PRODUCT CURVE A curve that graphically represents the relation between total production by a firm in the short run and the quantity of a variable input added to a fixed input. When constructing this curve, it is assumed that total product changes from changes in the quantity of a variable input (like labor), while other inputs (like capital) are fixed. This is one of three key product curves used in the analysis of short-run production. The other two are marginal product curve and average product curve.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage." -- Ralph Waldo Emerson
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APT
Arbitrage Pricing Theory
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