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January 14, 2026 

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PERFECT COMPETITION AND EFFICIENCY: Perfect competition is the idealized market structure that achieves an efficient allocation of resources. The conditions of perfect competition, including (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, ensure that perfect competition efficiently allocates resources. This is in fact the purpose of perfect competition: a market structure that illustrates perfection, the best of all possible resource allocation worlds. The real world falls short of this perfection.

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STAR TREK SCARCITY

A science-fiction phenomenon that emerged in the second half of the 20th century, which not only entertained millions of fans worldwide for decades, but also can be used to illustrate important economic concepts such as scarcity.

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"You don't have to be a fantastic hero to do certain things - to compete. You can be just an ordinary chap, sufficiently motivated to reach challenging goals."

-- Sir Edmund Hillary, Explorer

Fact 3: Our Unfair Lives

Across the interstate from the Mega-Mart Discount Warehouse Super Center resides the Shady Valley Central Town Sprawling Hills Shopping Mall -- a prime example of our economy's climate-controlled, suburban shopping phenomenon. Our pedestrian's ramble through the economy would be totally inadequate if we did not spend at least one day strolling past the endless rows of stores with their displays of clothes, shoes, electronics, clothes, luggage, clothes, cheese pretzels, and of course clothes. Our pedestrian trip, however, is not concerned with the products exhibited beyond the stylish glass windows. No, our jumping off point is the gadzillions of people who pass us by, bump into us, get in our way, and generally make our shopping experience comparable to a commuter train during the rush hour.

Those who comprise the shopping crowd are short, tall, young, old, fat, thin, black, white, happy, and sad. More importantly for our present discussion, however, is that some are rich and some are not-so-rich. A few of the wealthier shoppers actually buy the products framed by the picturesque windows that line the air-conditioned quaint mid-way of Shady Valley Central Town Sprawling Hills Shopping Mall. Others must be content to ogle the prominently displayed products or perhaps buy an occasional cheese pretzel.
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WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for mail order catalogs with hidden messages.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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