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ZERO BOND: Also termed a zero coupon bond, a bond that does not pay interest, in which the return is generated by the difference between the purchase price and the face value paid at maturity. Because they do not pay interest, zero bonds are sold at a discount. For example, a $10,000 zero bond that matures in one year, would generate a 10% return if it sold at a discount of $9,000.
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Lesson 16: Perfect Competition | Unit 1: Price Taker
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Page: 5 of 28
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In this unit, you should have learned about:- Perfect competition as an ideal market structure that can provide a better understanding of market supply.
- That perfect competition does not exist in its' idealized "perfect" form in the real world, but that it provides a benchmark for evaluating real world firms and other market structures.
- The four characteristics of perfect competition:
- A large number of small firms.
- Identical products.
- Perfect resource mobility.
- Perfect knowledge.
- That a perfectly competitive firm is a price taker, with no market control or the ability to affect price determined in the market.
- Why the demand curve facing a perfectly competitive firm is horizontal or perfectly elastic.
- The profit maximization motivation of a perfectly competitive firm, which is fundamentally the same as any other firm.
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KEYNESIAN CROSS A diagram illustrating the basic Keynesian theory of macroeconomics, with aggregate expenditures measured on the vertical axis and aggregate production measured on the horizontal axis, with the relation between aggregate expenditures and aggregate production represented by a positively-sloped aggregate expenditures line. The "cross" aspect of this diagram is the intersection between the aggregate expenditures line and a 45-degree line indicating every point of equality between aggregate expenditures and aggregate production. The "Keynesian" aspect of this diagram is derived from John Maynard Keynes, the developer and namesake of Keynesian economics.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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ICTB
International Customs Tariffs Bureau
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