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October 19, 2018 

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COMMODITY EXCHANGE: A financial market that trades the ownership of various commodities, such as wheat, corn, cotton, sugar, crude oil, natural gas, gold, silver, and aluminum. The two biggest commodity exchanges in good old U. S. of A. are the Chicago Board of Trade and the Chicago Mercantile Exchange. Unlike, let's say a grocery store where commodities physically trade hands, commodity exchanges trade only legal ownership. This is much like a stock market, which trades the ownership of a corporation, but leaves the factory at home. Commodity markets offer two basic sorts of trading -- spot (immediate delivery of a commodity) and futures (delivery of a commodity at a future date).

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CONSTANT-COST INDUSTRY: A perfectly competitive industry with a flat, or perfectly elastic long-run industry supply curve that results because expansion of the industry has no affect on production cost or resource prices. For a constant-cost industry the entry of new firms, prompted by an increase in demand, has no affect on the long-run average cost curve of each firm nor its minimum efficient scale of production.

     See also | perfect competition | supply | supply curve | industry | demand increase | minimum efficient scale | production cost | resource prices | economies of scale | increasing-cost industry | decreasing-cost industry |


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CONSTANT-COST INDUSTRY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 19, 2018].


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HOUSEHOLD SECTOR

The aggregate macroeconomic sector that includes the entire wants and-needs-satisfying population of the economy. The primary economic role of the household sector is consumption. The share of gross domestic product purchased by the household sector is termed consumption expenditures. This is one of four macroeconomic sectors. The other three are business sector, government sector, and foreign sector.

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