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BROKER: Anyone who is paid to bring together buyers and sellers to complete a market transaction. Common examples of brokers are real estate agents, stock brokers, and insurance agents. The thing to note about brokers is that they don't buy or sell anything, but merely bring buyers and sellers together. This little function is different from that of a dealer. A dealer is one who is always ready to help a transaction by selling to those who are buying or buying from those who are selling. As such, while stock brokers are in fact brokers, matching up buyers and sellers, many are also dealers, ready to buy or sell if no one else does.

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Lesson 3: Scarcity | Unit 2: Resources Page: 5 of 17

Topic: Working Together <=PAGE BACK | PAGE NEXT=>

Here's how our four resources work together in the production process:
  • Land provides the basic raw materials that become the good.
  • Labor provides the human efforts that transform the materials into a good. They do the work.
  • Capital makes labor's production task easier and more effective. These are the tools.
  • Entrepreneurship undertakes the risk of beginning the whole production process and bringing the other three resources together.

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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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GRAY SKITTERY
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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for deranged pelicans.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"Being defeated is only a temporary condition; giving up is what makes it permanent."

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