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October 23, 2014 

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CARIBBEAN COMMUNITY: The Caribbean Community (CARICOM) is a subregional organization that was established by the Treaty of Chaguaramas signed in 1973 by Barbados, Jamaica, Guyana and Trinidad & Tobago. Currently, the CARICOM has 15 country members all from the Caribbean region and several non-Caribbean countries that serve as external observers. The Community has several objectives like achieving improved standards of living and work, expansion of trade and economic relations with third States, accelerated, coordinated and sustained economic development and convergence, etc.

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MONOPOLY: A market structure characterized by a single seller of a unique product with no close substitutes. This is one of four basic market structures. The other three are perfect competition, oligopoly, and monopolistic competition. As the single seller of a unique good with no close substitutes, a monopoly firm essentially has no competition. The demand for a monopoly firm's output is THE market demand. This gives the firm extensive market control--the ability to control the price and/or quantity of the good sold--making a monopoly firm a price maker. However, while a monopoly can control the market price, it can not charge more than the maximum demand price that buyers are willing to pay.

     See also | market structure | perfect competition | oligopoly | monopolistic competition | market control | price maker | marginal cost | demand curve | market failure | monopoly characteristics | monopoly and demand | monopoly and efficiency | monopoly profit | monopoly and perfect competition | monopsony | natural monopoly | inefficiency |


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MONOPOLY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: October 23, 2014].


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SERVICES, CONSUMPTION

Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and nondurable goods. Services are about 60 percent of personal consumption expenditures and 40 percent of gross domestic product.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for attractive cable television service repair people.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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