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HORIZONTAL MERGER: The consolidation under a single ownership of two separately-owned businesses in the same industry. An example of a horizontal merger would be two soft drink companies merging to form a single firm. A horizontal merger should be contrasted with vertical merger--two firms in different stages of the production of one good, such that the output of one business is the input of the other; and conglomerate merger--two firms in totally, completely separate industries.

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Lesson 14: Aggregate Supply | Unit 1: The Concept Page: 3 of 20

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  • Aggregate supply as one side of the aggregate market (the AD/AS model) that's used to analyze macroeconomic problems such as recessions, unemployment, and inflation, that might plague our economy.
  • How aggregate supply is the combined production of goods and services coming from our factors of production.
  • A few thoughts on the price level and it's role in the supply of aggregate real production.

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LAW OF COMPARATIVE ADVANTAGE

A principle that states that every nation, worker, or production entity has a production activity that incurs a lower opportunity cost than that of another nation, worker, or production entity, which means that trade between the two can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. This law is most often studied in the confines of international trade, but it also applies to labor and other types of production.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for a thesaurus filled with typos.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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