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April 21, 2024 

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OLIGOPSONY: A market structure dominated by a small number of large buyers controlling the buying-side of a market. Oligopsony is the somewhat obscure and seldom discussed buying counterpart to an oligopoly seller that controls the selling side of a market. Whereas oligopoly is most relevant to product markets, oligopsony is most relevant to factor markets.

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ECONOMIC SCIENCE: The application of the scientific method to economic phenomena. In other words, economists develop theories, test hypotheses, and seek to explain things like prices, unemployment rates, monopolize markets, business cycles, market shortages, and virtually everything else that might be considered economic "stuff." However, economic science is also directed toward phenomenon that might NOT be considered economics, including voting, crime, and leisure. The key element, however, is that all of these, and many more, phenomena related to the fundamental problem of scarcity in one way or the other.

     See also | scientific method | social science | science | scarcity | price | unemployment rate | monopoly |


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SCARCITY

A pervasive condition of human existence that results because society has unlimited wants and needs, but limited resources used for their satisfaction. This fundamental condition is the common thread that binds all of the topics studied in economics.

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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a revolving spice rack or a how-to book on home repairs. Be on the lookout for the last item on a shelf.
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The average bank teller loses about $250 every year.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

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