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OLIGOPOLY AND MONOPOLISTIC COMPETITION: Oligopoly and monopolistic competition have some similarities, but also have a few important differences. Both are examples of imperfect competition on the market structure continuum between ideals of perfect competition and monopoly. However, oligopoly contains a small number of large firms and monopolistic competition contains a large number of small firms. The dividing line between oligopoly and monopolistic competition can be blurred due to the number of firms in the industry.

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MEDIUM OF EXCHANGE: The money function in which money is widely accepted in exchange for goods and services. For an asset to function as a medium of exchange it need to have value in use, but only value in exchange. This is one of four basic functions of money. The other three are measure of value, store of value, and standard of deferred payment. THE primary function of money is to act as THE medium of exchange. People use money to buy and sell goods. Buyers give up money and receive goods and sellers give up goods and receive money. Money makes transactions easier because everyone is willing to trade money for goods and goods for money.

     See also | money | money functions | unit of account | price | unit of account | store of value | standard of deferred payment |


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MEDIUM OF EXCHANGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: June 20, 2018].


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CAPITAL

The manufactured, artificial, or synthetic goods used in the production of other goods, making capital the "produced" factor of production. This is one of four basic categories of resources, or factors of production. The other three are labor, land, and entrepreneurship. Capital makes labor more productive.

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Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either rechargeable batteries or a rechargeable battery for your computer. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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