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PERFECT COMPETITION, FACTOR MARKET ANALYSIS: The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.

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Lesson 12: Business Cycles | Unit 1: Instability Page: 1 of 26

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It's a fact of life that the economy is unstable. Like a roller coaster rises and falls, the economy expands and contracts.
  • The economy goes up and down, twisting and turning along the way.
  • In general, we prefer the good that comes with a rising, expanding economy and don't like the bad that comes with a falling, contracting one.
  • The fluctuations in the economy never stop.
  • It is difficult for the economy to run full speed at all times.
  • Economic fluctuations go by the term business cycles.

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SEVENTH RULE OF COMPLEXITY

The seventh of seven basic rules of the economy, stating that every action in the complex world has direct and often intended consequences combined with indirect and probably unintended effects.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for letters from the Internal Revenue Service.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
"After climbing a great hill, one finds many more hills to climb. "

-- Nelson Mandela, president of South Africa

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