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January 23, 2018 

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INDETERMINANT: The term commonly used to indicate that the direction of the change in either price or quantity is not known when the market experiences simultaneous shifts in both the demand and supply curves. For example, an increase in both demand and supply definitely increases the quantity exchanged. But whether the market price increases or decreases is indeterminant.

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PERFECT COMPETITION CHARACTERISTICS: The four key characteristics of perfect competition are: (1) large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology. These four characteristics mean that a given perfectly competitive firm is unable to exert any control whatsoever over the market.

     See also | perfect competition | assumption | mobility | industry | firm | technology | market | price taker | price maker | substitute | resources | barrier to entry | perfect competition and demand | perfect competition and efficiency | perfect competition and short-run supply curve | monopoly | monopolistic competition | oligopoly |


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PERFECT COMPETITION CHARACTERISTICS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: January 23, 2018].


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GROSS DOMESTIC PRODUCT, INS AND OUTS

Gross domestic product is the total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. Obtaining this value is not a simple task. It requires combining a lot of information from a number of different sources. For the U.S. economy, this includes trillions of dollars worth of production, hundreds of million of consumers, hundreds of thousands of businesses, and a bunch of market transactions each year.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for small children selling products door-to-door.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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