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IMPLICIT COLLUSION: Seemingly independent, but parallel actions among competing firms (mostly oligopolistic firms) in an industry that achieve higher prices and profits, much as if guided by an explicit collusion agreement. Also termed tacit collusion, the distinguishing feature of implicit collusion is the lack of any explicit agreement. They key is that each firm seems to be acting independently, perhaps each responding to the same market conditions, but the end result is the same as an explicit agreement. This should be contrasted with explicit or overt collusion that does involve a formal, explicit agreement.

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 17 of 24

Topic: Resource Quantity and Quality <=PAGE BACK | PAGE NEXT=>

Three ways to increase resource quantity.
  • Labor: Labor increases through (1) natural population growth, (2) immigration from other nations, and (3) more participation and fewer nonworkers.
  • Capital: The key to getting more capital is investment, giving up satisfaction today to get capital tomorrow.
  • Materials: The key to increasing their quantity is exploration. Exploration is best illustrated by digging or drilling into the Earth's crust in search of mineral or fossil fuel deposits.
Two ways to increase resource quality.
  • Education-The Quality of Labor: Education increases the quality of labor resources. Better educated workers are more productive workers.
  • Education can be formal, sitting-in-a-classroom or informal, on-the-job-training experience. Both are valuable methods of increasing the quality labor.
  • Technology-The Quality of Capital: Technology is the knowledge and information society as a whole possesses concerning the production of goods and services. Better technology enables more production.
  • Technology concerns all aspects of production, but it is often seen as an improvement in the quality of capital.

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FIAT MONEY

A medium of exchange (money) with value in exchange, but little or no value in use. Modern paper currency, coins, and checkable deposits are fiat money. The value of fiat money comes from the public's general willingness to accept it in exchange for other goods. This willingness comes from the fact that EVERYONE is willing to accept fiat money in exchange, which largely depends on the public's confidence in the authority (usually government) issuing the fiat money. Fiat money is NOT valuable unto itself, but it is valuable for what it can buy. In the march toward economic complexity, fiat money emerged from commodity money, money with both value in exchange and value in use.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for telephone calls from long-lost relatives.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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