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PERSONAL CONSUMPTION EXPENDITURES: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring household consumption expenditures on gross domestic product. Personal consumption expenditures are far and away the largest and tends to be the most stable of the four expenditures, averaging about 65-70% of gross domestic product. The other official expenditures included in the National Income and Product Accounts are gross private domestic investment, government consumption expenditures and gross investment, and net exports of goods and services.
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Lesson 18: Monopoly | Unit 1: Intro
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Page: 4 of 30
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Topic:
Perfect Competition
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Characteristics - Number of Firms: Perfect competition has a large number of relatively small firms, monopoly has ONE firm.
- Closeness of Substitutes: A firm in perfect competition produces a good that is IDENTICAL to that produced by every other firm in the market. Monopoly produces a unique good with NO close substitutes.
- Entry Barriers: Perfect competition has perfect resource mobility, meaning that resources have complete freedom to move in and out of the market without restriction. Monopoly has high extremely entry barriers that prevent other firms from entering the market.
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ALLOCATION EFFECT A change in the allocation of resources caused by placing taxes on economic activity. By creating disincentives to produce, consume, or exchange, taxes generally alter resource allocations. The allocation effect is typically used when governments seek to discourage the production, consumption, or exchange of particular goods or activities that are deemed undesirable (such as tobacco use or pollution). This is one of two effects of taxation. The other (primary) is the revenue effect, which is the generation of revenue used to finance government operations.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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PIT
Personal Income Tax
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