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DECREASING-COST INDUSTRY: A perfectly competitive industry with a negatively-sloped long-run industry supply curve that results because expansion of the industry causes lower production cost and resource prices. For a decreasing-cost industry the entry of new firms, prompted by an increase in demand, causes the long-run average supply curve of each firm to shift downward, which decreases the minimum efficient scale of production.
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FREE MARKET: A competitive market that is unrestrained by government control or regulations, especially price floors, price ceilings, or taxes. In such a market the forces of demand and supply eliminate any shortages and surpluses move the market to the equilibrium price and quantity. If the free market is competitive (with large numbers of buyers and sellers) and is not infected with other market failures, such as externalities, then equilibrium price results with equality between the demand price and the supply price. This means that equilibrium is also efficient. See also | market | competition | price floor | price ceiling | tax incidence | competition | externalities | market failure |
Recommended Citation:FREE MARKET, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 9, 2025].
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GOVERNMENT SECTOR The aggregate macroeconomic sector that includes all levels of government, including federal, state, and local. The primary function of the government sector, also termed the public sector, is to impose resource allocation decisions on the rest of the economy that might not be made otherwise. This is one of the four macroeconomic sectors. The other three are household sector, business sector, and foreign sector.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for high interest rates.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
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