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LABOR: One of the four basic categories of resources, or factors of production (the other three are capital, land, and entrepreneurship). Labor is the services and efforts of humans that are used for production. While labor is commonly thought of as those who work in factories, it includes all human efforts (except entrepreneurship), such as those provided by clerical workers, technicians, professionals, managers, and even company presidents.
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PERFECT COMPETITION: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources. See also | market structure | firm | monopoly | oligopoly | monopolistic competition | perfect competition and demand | perfect competition and efficiency | perfect competition characteristics | perfect competition and short-run supply curve | monopoly and perfect competition |
Recommended Citation:PERFECT COMPETITION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: February 25, 2020].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: perfect competition
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VERY LONG RUN, MICROECONOMICS A production time period in which all inputs are variable, including those under control of the firm and those beyond the control of the firm. During the very long run, not only are the labor, capital, land, and entrepreneurship inputs variable, but so too are key production inputs such as government rules, technology, and social customs. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very short run.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. " -- Joe Paterno, Football coach
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ASEAN
Association of South East Asian Nations
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