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ECONOMICS: A social science that studies the allocation of limited resources to the production of goods and services used to satisfy consumer's unlimited wants and needs. Five notable phrases contained in this definition that need further study are: (1) social science, (2) allocation, (3) limited resources, (4) production, and (5) unlimited wants and needs.
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OLIGOPOLY AND MONOPOLY Oligopoly and monopoly have some similarities, both tend to be relatively large and possess significant market control, but also have a few important differences, oligopoly market has more than one firm. The dividing line between oligopoly and monopoly, however, can be blurred due to the closeness of substitutes and the inclination of oligopoly firms to collude.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for neighborhood pets, especially belligerent parrots.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Unless you are willing to drench yourself in your work beyond the capacity of the average man, you are just not cut out for positions at the top." -- J. C. Penney, Retailer
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TFP
otal Factor Productivity
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