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OLIGOPOLY AND MONOPOLY: Oligopoly and monopoly have some similarities, both tend to be relatively large and possess significant market control, but also have a few important differences, oligopoly market has more than one firm. The dividing line between oligopoly and monopoly, however, can be blurred due to the closeness of substitutes and the inclination of oligopoly firms to collude.

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Lesson 13: Aggregate Demand | Unit 5: Policies Plus Page: 22 of 22

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  • How shifts in the aggregate demand curve are a source of macroeconomic (business cycle) instability.
  • The two basic types of macroeconomic problems associated with business cycles, recessions (with unemployment) and booming expansions (with inflation).
  • Controlling aggregate demand instability through demand-management policies, including fiscal and monetary policies.
  • Fiscal policy that affects aggregate spending directly through government purchases and indirectly through taxes.
  • Monetary policy that affects aggregate spending indirectly interest rates.

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ABSOLUTE ADVANTAGE

The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. "

-- Albert Einstein, physicist

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