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April 28, 2017 

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IMPERFECT COMPETITION: Any markets or industries that do not match the criteria for perfect competition. The key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology. These four characteristics are essentially impossible to match in the real world.

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LAW OF COMPARATIVE ADVANTAGE: A basic principle that states every nation has a production activity that incurs a lower opportunity cost than that of another nation, which means that trade between the two nations can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. While this law is fundamental to the study of international trade, it also applies to other activities, especially the specialization and the division of labor.

     See also | international economics | comparative advantage | absolute advantage | international trade | opportunity cost | specialization | division of labor | foreign sector | domestic sector | foreign trade | closed economy | open economy | exports | imports | net exports |


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LAW OF COMPARATIVE ADVANTAGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2017. [Accessed: April 28, 2017].


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FACTORS OF PRODUCTION

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.

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State of the ECONOMY

Building Permits
November 2016
1,201,000
Do 4.7% from October 2016: U.S. Census Bureau

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at an auction wanting to buy either shoe laces for your snow boots or a rim for your spare tire. Be on the lookout for jovial bank tellers.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Nothing is a waste of time if you use the experience wisely. "

-- Auguste Rodin, Sculptor

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