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FIRST RULE OF SCARCITY: The first of seven basic rules of the economy. It is the fundamental fact of economic life that he world is faced with limited resources but unlimited wants and needs satisfied from these resources.

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PERFECT COMPETITION, REALISM

Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to one or two of the four key characteristics of perfect competition, none matches all four sufficiently that they can be declared PERFECTLY competitively. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for cardboard boxes.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

NASD
National Association of Securities Dealers
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