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ANNUITY: The receipt of payments at regular intervals from a established fund. Annuities are commonly used for insurance and retirement programs. It works in this way: A fund, which can be established either through a one-time sum of money or a series of payments, is exhausted over time with fixed, periodic payments. The amount of each payment depends on the interest accrued on the outstanding balance in the fund, and the length of time scheduled to exhaust the fund. For example, if your pension plan is based on an annuity that begins payments at the age of 65, then the size of the payments depends on whether you expect to live 5, 10, 15, or more years and set up payments accordingly. It's very similar to amortization, but in the reverse direction.
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Lesson 20: Oligopoly | Unit 2: Structure
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Page: 8 of 24
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Topic:
Herfindahl Index
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- Sometimes economists prefer a more sophisticated measure of concentration. That measure is the Herfindahl index.
- The Herfindahl index is a measure of concentration of production or sales activity in an industry that's calculated as the sum of the squares of market shares for each firm.
- One key difference with concentration ratios is that the Herfindahl index squares market shares before adding them together, whereas concentration ratios add the adjusted market shares.
- Like concentration ratios, the Herfindahl index ranges for a low, indicating perfect competition, to a high indicating monopoly.
- The specific range is 0 (perfect competition) to 10,000 (monopoly).
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FEDERAL RESERVE PYRAMID A representation of the structure of the U.S. Federal Reserve System that is shaped like a pyramid with the Chairman at the top and thousands of commercial banks (and the non-bank public) at the bottom. By the numbers, the Federal Reserve pyramid includes 1 Chairman, 7 members of the Board of Governors, 37 Federal Reserve Banks, around 20,000 commercial banks, and 300 million people making up the non-bank public.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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NZFOE
New Zealand Futures and Options Exchange
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