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DISCRETIONARY: A specific choice, act, or decision, often designed to achieve a particular goal. The term is commonly used in economics in reference to government policies, such as discretionary fiscal policy or discretionary monetary policy. In both examples, government undertakes explicit actions through changes in government spending, taxes, the money supply, or interest rates to stabilize the business cycle. Discretionary is also frequently used to modify income, spending, expenditures, or comparable terms to capture choices made over the use of income. Discretionary income, for example, is the amount of after-tax household income that can be used for either consumption spending or saving.
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Lesson 20: Oligopoly | Unit 1: Intro
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Page: 5 of 24
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In this unit, you should have learned about:- Oligopoly as a market structure characterized by a large number of relatively small firms, each of which possesses significant market control.
- That oligopoly markets are noted for practising competition among the few, having significant entry barriers, and are inefficient enough to prompt government intervention.
- That oligopoly lies close to monopoly on the market structure spectrum, but that there is no clear-cut dividing line between oligopoly and monopolistic competition.
- A few of the real world oligopoly markets, including automobile, computers, petroleum, tires, banking, long distance, television, and airlines.
- Two key structural characteristics of oligopoly -- concentration and entry barriers.
- Six key behavioral characteristics of oligopoly -- interdependence, price rigidity, nonprice competition, price leadership, collusion, mergers.
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BALANCE OF PAYMENTS A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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KLCE
Kuala Lumpur Commodity Exchange (Malaysia)
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