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October 16, 2018 

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PHENOMENON: An event or action that is subject to investigation using the scientific method. Phenomena are the sorts of things that science seeks to explain. While the term phenomenon might entice thoughts of UFOs, ghosts, and three-headed turtles, it really just means things that happen, both usual and unusual. The reason for explaining the unusual AND the commonplace is that the scientific method seeks to develop universal theories, with laws and principles that explain all events, not just unexpected ones.

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OLIGOPOLY: A market structure dominated by a small number of large firms, selling either identical or differentiated products, and significant barriers to entry into the industry. This is one of four basic market structures. The other three are perfect competition, monopoly, and monopolistic competition.

     See also | market structure | firm | industry | oligopoly characteristics | oligopolistic behavior | market control | product differentiation | barrier to entry | concentration ratio | merger | nonprice competition | collusion | cartel | monopoly | monopolistic competition | oligopsony | antitrust laws | technology | economic growth |


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OLIGOPOLY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 16, 2018].


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AUTONOMOUS CONSUMPTION

Household consumption expenditures that do not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.

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Today, you are likely to spend a great deal of time at a flea market looking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for deranged pelicans.
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A half gallon milk jug holds about $50 in pennies.
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