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February 21, 2017 

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TAX BASE: An item or activity that is subject to taxation. The most common tax bases are income, consumption, and wealth. The personal income tax and Social Security tax are two common taxes levied on the income base. Sales taxes are the most common taxes levied on the consumption base. Property taxes are the most common taxes levied on the wealth base.

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COMPETITION: In general, the actions of two or more rivals in pursuit of the same objective. In the context of markets, the specific objective is either selling goods to buyers or alternatively buying goods from sellers. Competition tends to come in two varieties -- competition among the few, which is market with a small number of sellers (or buyers), such that each seller (or buyer) has some degree of market control, and competition among the many, which is a market with so many buyers and sellers that none is able to influence the market price or quantity exchanged.

     See also | market | fourth rule of competition | efficiency | market control | market structure | perfect competition | monopoly | monopolistic competition | oligopoly | unfair competition | market share | antitrust laws |


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COMPETITION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2017. [Accessed: February 21, 2017].


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BILATERAL MONOPOLY

A market containing a single buyer and a single seller, or the combination of a monopoly market and a monopsony market. A market dominated by a profit-maximizing monopoly tends to charge a higher price. A market dominated by a profit-maximizing monopsony tends to pay a lower price. When combined into a bilateral monopoly, the buyer and seller both cannot maximize profit simultaneously and are forced to negotiate a price and quantity. Then resulting price could be anywhere between the higher monopoly price and the lower monopsony price. Where the price ends ups depends on the relative negotiating power of each side.

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State of the ECONOMY

Retail Sales
November 2016
$468.05 billion
U.S Census Bureau

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for defective microphones.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"No man, for any considerable time, can wear one face to himself and another to the multitude without finally getting bewildered as to which may be true."

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