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HECKSCHER-OHLIN MODEL: A model of international trade developed by Eli Heckscher and Bertil Ohlin, with significant contributions by Paul Samuelson, that relies on the notion that comparative advantage is based on relative natural resource endowments. A nation with large oil reserves will, for example, have a comparative advantage in oil production over another nation with fertile soil, which will have a comparative advantage in agricultural production.
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Lesson 17: Market Structures | Unit 3: Getting Control
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Page: 16 of 23
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In this unit, you should have learned about:- Profit maximization as the motivating goal for all firms regardless of market structure.
- How entry barriers lead to market control.
- The five primary entry barriers that enhance market control -- start-up cost, resource ownership, decreasing average cost, government authorization, and trade restrictions.
- How product differentiation leads to market control.
- The three methods of enhancing market control through product differentiation -- physical differences, perceived differences, and support services.
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INCOME EARNED BUT NOT RECEIVED The three types of income earned but not received (IEBNR) by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. IEBNR is subtracted from national income to calculate personal income.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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ACRS
Accelerated Cost Recovery System
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