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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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GOOD A physical, tangible item or product used to satisfy wants and needs. A good is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produced the goods that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Security can only be achieved through constant change, through discarding old ideas that have outlived their usefulness and adapting others to current facts. " -- William O. Douglas, Supreme Court Justice
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BOP
Balance of Payments
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