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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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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Being defeated is only a temporary condition; giving up is what makes it permanent." -- Marilyn vos Savant, Author
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NASD
National Association of Securities Dealers
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