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UTILITY: The satisfaction of wants and needs obtained from the use or consumption of goods and services. The terms utility and satisfaction are, for the most part, used interchangeably in economics. Two other somewhat technical economic terms frequently used to capture this notion are welfare and well-being. Whichever term is used, the underlying concept is the same: To what extent are unlimited wants and needs fulfilled using the goods and services produced from society's limited resources.
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Lesson Contents
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Unit 1: Intro |
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Unit 2: Four Types |
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Unit 3: Getting Control |
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Unit 4: Using Control |
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Unit 5: Government | |
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Market Structures
Our investigation into market structures lays the foundation for a closer examination of monopoly, monopolistic competition, and oligopoly. This lesson takes a look at how markets are structured based on their competitiveness, the degree of market control held by firms, the acquisition of this market control, and the use market control. - The first unit of this lesson, Competition And Control, begins this lesson with a look at competition and market control.
- In the second unit, Four Types, we examine the four basic types of market structures -- perfect competition, monopoly, monopolistic competition, and oligopoly.
- The third unit, Getting Control, then looks at two key ways that firms are able to acquire or increase their market control -- product differentiation and entry barriers.
- In the fourth unit, Using Control, we investigate what firms do when they have market control.
- The fifth and final unit, Government, then closes this lesson by considering the role government plays in regulating market control.
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AGGREGATE MARKET An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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