March 23, 2018 

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COMPETITION AMONG THE MANY: A market with so many buyers and sellers that none is able to influence the market price or quantity exchanged. This type of competition is the one most favored by economists (the other type is competition among the few). Compared to a three-person sprint, this is like a 10,000-entry road race. To win this race, I can't count on the other 9,999 coming up injured. To win, I may have to be the best I've ever been. I just might have to set a world record. This is the type of competition that brings out the best, most efficient use of resources.

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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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An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for celebrities who speak directly to you through your television.
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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.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

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