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RELATIVE POVERTY LEVEL: The amount of income a person or family needs to purchase a relative amount of basic necessities of life. These basic necessities are identified relative to the current structure of society and the economy. For example, while a refrigerator would be a basic necessity for someone living in the our modern U.S. economy, it probably would not be consider a necessity for nomads of sub-Saharan Africa or aborigines of Australia.

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FOURTH RULE OF COMPETITION: The fourth of seven basic rules of the economy. It is the notion that competition among market buyers and sellers generate an efficient allocation of resources. Competition depends on the relative number of buyers and sellers. Fewer numbers give that side of the market relatively more market control and thus limits competition.

     See also | seven rules | market | competition | resource allocation | market control | monopoly | perfect competition | efficiency | competition among the many | competition among the few |


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FOURTH RULE OF COMPETITION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: June 17, 2018].


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MARKET SUPPLY

The combined supply of everyone willing and able to sell a good in a market. Market supply is one half of the market. The other is market demand. It is graphically represented by a positively-sloped market supply curve, which can be derived by combining, or adding, the individual supplies of every seller in the market.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for the last item on a shelf.
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Two and a half gallons of oil are needed to produce one automobile tire.
"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. "

-- Mark Twain, writer

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