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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.
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SERVICE: An activity that provides direct satisfaction of wants and needs without the production of a tangible product or good. Examples include information, entertainment, and education. This term service should be contrasted with the term good, which involves the satisfaction of wants and needs with tangible items. You're likely to see the plural combination of these two into a single phrase, "goods and services," to indicate the wide assortment of economic production from the economy's scarce resources. See also | good | satisfaction | wants | needs | good | production | information | education | economy | scarce good | scarce resource | economic good |
Recommended Citation:SERVICE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: September 20, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: service
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LAGGING ECONOMIC INDICATORS Seven economic statistics that tend to move up or down a few months AFTER business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points about three to twelve months after they occur. Lagging economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are coincident economic indicators and leading economic indicators.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for small children selling products door-to-door.
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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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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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MBO
Management Buy-Out
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