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HERFINDAHL INDEX: A measure of concentration of the production in an industry that's calculated as the sum of the squares of market shares for each firm. This is an alternative method of summarizing the degree to which an industry is oligopolistic and the relative concentration of market power held by the largest firms in the industry. The Herfindahl index gives a better indication of the relative market control of the largest firms than can be found with the four-firm and eight-firm concentration ratios.

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Lesson 13: The Firm | Unit 5: The Bigger Picture Page: 24 of 24

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • The four market structures -- perfect competition, monopoly, monopolistic competition, and oligopoly.
  • How market control differs for each of the four market structures.
  • The business sector as the combination of all business firms in the economy.
  • How the business sector interacts with the other three aggregate sectors -- household, government, and foreign -- through the circular flow.

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AMERICAN ECONOMIC ASSOCIATION

A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.

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Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for the last item on a shelf.
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In the early 1900s around 300 automobile companies operated in the United States.
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