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ECONOMY: The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity. The essential task of an economy is to transform resources into useful goods and services (the act of production), then distribute or allocate these products to useful ends (the act of consumption). Virtually all economies accomplish this task through a combination of decisions made through voluntary market exchanges and involuntary government rules and regulations.
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Lesson Contents
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Unit 1: Intro |
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Unit 2: Market Control |
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Unit 3: Perfect Competition |
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Unit 4: Monopsony |
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Unit 5: Bilateral Monopoly | |
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Factor Market Equilibrium
My duties for this lesson are to examine how the two sides of the factor market -- factor demand and factor supply -- come together to form the factor market. Like other markets, we are concerned with equilibrium and competition. The analysis of factor markets has an added bonus. It lets us examine market control from the buying side to balance other analysis of market control from the selling side. The cornerstone phrase capturing this buying-side market control is monopsony. - The first unit of this lesson, The Foundation, begins by reviewing factor demand and factor supply and seeing how they come together to form the factor market.
- In the second unit, Market Control, we see how market control on the selling side of a factor market gives rise to assorted market structures, like monopsony.
- The third unit, Perfect Competition, then takes a look at equilibrium in factor markets that operate under the guidelines of perfect competition.
- In the fourth unit, Monopsony, we extend the analysis to factor markets with control on the buying side, especially monopsony.
- The fifth and final unit, Bilateral Monopoly, then analyzes factor markets with monopoly control on the selling side to counter monopsony control on the buying side.
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COMPLEMENT-IN-PRODUCTION One of two (or more) goods that are simultaneously produced using a given resource. A complement-in-production is one of two alternatives falling within the other prices determinant of supply. The other is a substitute-in-production. An increase in the price of one complement good causes an increase in supply for the other.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for slightly overweight pizza delivery guys.
Your Complete Scope
This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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WLLN
Weak Law of Large Numbers
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