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BOYCOTT: An organized effort to reduce the sales of a particular good that's intended to punished the producer or seller. Boycotts are promoted by labor unions to inflict harm on their companies and (hopefully) encourage their employers to settle labor distributes. Special interest groups also use boycotts to achieve assorted political goals. Some groups, for example, have called for boycotts of the products advertised on "undesirable" television shows, while others have boycotted companies that do business in politically "undesirable" countries.

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Lesson 6: Supply | Unit 4: Determinants Page: 17 of 19

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  • How relaxing the ceteris paribus assumption makes further analysis of supply and markets possible.
  • How the changes in the supply determinants cause rightward or leftward shifts in the supply curve.
  • The five basic supply determinants: resource prices, technology, prices of other goods, sellers' expectations, and number of sellers, and how each shifts the supply curve.
  • How a change in the price of a substitute-in-production affects supply differently than a change in the price of a complement-in-production.
  • Most important of all, the difference between a change in supply, caused by a change in a supply determinant, and a change in quantity supplied, caused by a change in price.


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CONCENTRATION RATIOS

A family of measures of the proportion of total output in an industry that is produced by a given number of the largest firms in the industry. The two most common concentration ratios are for the four largest firms and the eight largest firms. The four-firm concentration ratio is the proportion of total output produced by the four largest firms in the industry and the eight-firm concentration ratio is proportion of total output produced by the eight largest firms in the industry. Concentration ratios are commonly used to indicate the degree to which an industry is oligopolistic and the extent of market control of the largest firms in the industry. A related measure is the Herfindahl index.

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Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for letters from the Internal Revenue Service.
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