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OLIGOPOLY, CONCENTRATION: Oligopoly is a market structure that contains a small number of relatively large firms, meaning oligopoly markets tend to be concentrated. A small number of large firms account for a majority of total output. Concentration unto itself is not necessarily bad, but it often leads to inefficient behavior, such as collusion and nonprice competition. Concentration is measured in three ways--market share, concentration ratio, Herfindahl index.

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Lesson 17: Money | Unit 2: More About Money Page: 5 of 25

Topic: Medium of Exchange <=PAGE BACK | PAGE NEXT=>

The primary function of money is to as THE medium of exchange.

An economy without money:

  • Barter exchange happens when you trade one good for another.
  • A barter economy is one that uses nothing but barter trades, no money.
  • Barter requires double coincidence of wants: I must want what you have and you must want what I have.
  • With no money, resources are used for trading and not for production.

The bottom line:

  • Using money as a medium of exchange eases the exchange process, makes it more efficient, and frees resources for production.

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PLANT

The physical capital (building and equipment) at a particular location used for the production of goods and services. A plant, or factory, is usually a relatively large production operation (compared with something smaller, like a shop). While plant and firm are occasionally used synonymously, a given firm might own more than one plant and a given plant might be owned by more than one firm.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?

A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

CBOE
Chicago Board Options Exchange
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