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June 15, 2025 

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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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MINIMUM WAGE: A legally established price floor on the wage paid to labor. The minimum wage was initiated in the United States in 1938 at a rate of 25 cents per hour. It has been raised numerous times since then. The logic behind a minimum wage is to ensure that workers obtain an adequate income for their efforts.

     See also | labor | labor market | price floor | market control | surplus | unemployment | efficiency | second estate | third estate | factor markets | monopsony | price ceiling |


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CAPITAL DEPRECIATION

The wearing out, breaking down, or technological obsolescence of physical capital that results from use in the production of goods and services. To paraphrase an old saying, "You can't make a car without breaking a few socket wrenches." In other words, when capital is used over and over again to produce goods and services, it wears down from such use.

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Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for telephone calls from former employers.
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