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BARRIER TO ENTRY: An institutional, government, technological, or economic restriction on the entry of firms into a market or industry. The four primary barriers to entry are: resource ownership, patents and copyrights, government restrictions, and start-up costs. Barriers to entry are a key reason for market control and the inefficiency that this generates. In particular, monopoly, oligopoly, monopsony, and oligopsony often owe their market control to assorted barriers to entry. By way of contrast, perfect competition, monopolistic competition, and monopsonistic competition have few if any barriers to entry and thus little or no market control.

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Lesson 9: Macro Basics | Unit 3: Business Cycles Page: 9 of 16

Topic: Causes <=PAGE BACK | PAGE NEXT=>

To understand business cycles, we need the causes:
  1. Consumption: If households decide to buy more or less, the rest of the economy follows suit.
  2. Capital Investment: Big swings can set in motion upward or downward spirals of total production.
  3. Government Purchases and Taxes: Government purchases can be contractionary or expansionary effect over the economy. Taxes affect the ability of the household and business sectors to buy production.
  4. Net Exports: Changes in exports can trigger expansions and contractions of the domestic economy.
  5. Circulating Money: Too much money can trigger and inflationary expansion, too little money can trigger contraction and unemployment.
  6. Resource Supply Considerations: Resource supply changes (energy prices, technology, wages, etc.) can trigger expansions and contractions.

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EQUALITY STANDARD

An income distribution standard in which income is divided equally among members of society. This is one of three basic income distribution standards that answers the For Whom? question of allocation. The other two are the contributive standard and the needs standard.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?

Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"There is no passion to be found playing small in settling for a life that idles than the one you are capable of living."

-- Nelson Mandela

CPI-W
Consumer Price Index-Urban Wage Earners and Clerical Workers
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