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IMPERFECT COMPETITION: Any markets or industries that do not match the criteria for perfect competition. The key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology. These four characteristics are essentially impossible to match in the real world.
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Lesson 22: Factor Supply | Unit 2: Resources
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Page: 8 of 25
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Topic:
Labor: Satisfaction And Leisure
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- The perpetual trade-off faced by the providers of labor services -- work versus leisure -- results because the person can not be separated from the productive resource.
- A couple of important implications for the factor supply of labor.
- Compensating Wages: First, wages tend to be higher or lower depending on the amount of satisfaction associated with the job.
- Backward-Bending Supply: Second, satisfaction is affected by both working and not working (that is, leisure).
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FALLACY OF MASS APPEAL The logical fallacy of arguing that something is "correct" or "true" because a majority of the population thinks so. This is commonly used by both advertisers and politicians. Just because something is popular, does not mean it is "right." In fact, a cynic might argue that being popular probably makes it "wrong."
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for the last item on a shelf.
Your Complete Scope
This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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VAT
Value Added Tax
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