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July 16, 2024 

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PERFECT COMPETITION, FACTOR MARKET ANALYSIS: The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.

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PAPER ECONOMY: Markets, exchanges, and assorted economic activity that deal with legal or paper claims on physical assets rather than the physical assets. The vast majority of activities for the paper economy take place through financial markets. The paper (or financial) economy is based legal claims on these physical goods and resources. The term paper economy is used because these legal claims historically have been pieces of paper--paper that you can't eat, wear, or live in to satisfy wants and needs. However, as technology progresses, much of the paper is giving way to electronic data storage.

     See also | economy | financial markets | real economy | legal claims | product markets | factor markets | production | satisfaction | goods | services | resources | money market | capital market | bank | insurance |


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PAPER ECONOMY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 16, 2024].


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PROTECTIONISM

The view that the domestic sector of an economy, its consumers, and its producers should be protected from imports by imposing barriers to foreign trade. This is based on the notion that imports are detrimental to the economy and to its citizens. Protectionism is intended to secure domestic jobs, increase domestic wages, promote domestic production, and create a balance of trade surplus. It usually takes the form of tariffs, import quotas, and assorted non-tariff regulatory barriers.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for poorly written technical manuals.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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