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FEDERAL TRADE COMMISSION: An independent federal agency run by a 5-member commission that's charged by Congress with preventing unfair and deceptive business activities and other various monopoly practices that tend to inhibit competition. The FTC was set up in 1914 to help the Justice Department enforce a growing number of antitrust laws. It has the authority to restrict assorted market monopolizing practices, such as mergers, false or misleading advertising, price discrimination, and price fixing. Since the time of it's formation, the FTC has grown into an important consumer protection agency.
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Lesson 11: Circular Flow | Unit 1: Basic Flow
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Page: 4 of 22
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Topic:
The Physical Flow
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Two sectors: household and business. Two markets: product and factor. - The physical flow is the counter-clockwise flow of resources from the household to business sector and production from the business to household sector.
- Production flows from the business sector (supply) to the household sector (demand) through the product markets.
- Resources flow from the household sector (demand) to the business (supply) sector through the factor markets.
- The household sector sells the resources through the factor markets and buy goods through the product markets.
- The business sector buys resources through the factor markets and sells goods through the product markets.
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MARGINAL FACTOR COST CURVE A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for the happiest person in the room.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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WPO
Weakly Pareto Optimal
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