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SECURITIES AND EXCHANGE COMMISSION: (SEC) A federal government agency that regulates the trading of corporate stock to protect investors against unscrupulous practices. Like a number of other federal regulatory agencies, the SEC was established in the 1930s--1934 to be exact. The impetus for its formation was to prevent investors from manipulating the stock market and to prevent other practices that contributed to the 1929 stock market crash. The SEC has all sorts of rules governing the stock market, including information disclosure, insider trading, speculation, and use of credit.

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Lesson 1: Economic Basics | Unit 1: Economics Page: 1 of 18

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Economics:

A social science that studies the allocation of scarce resources used to produce goods and services that satisfy consumers' unlimited wants and needs.

Key points in the study of economics:

  • Social Science: Economics uses the scientific method to explain and study our society.
  • Allocation: Economics studies allocation decisions about distributing resources, goods and services.
  • Scarce Resources: The economy's resources are limited relative to their use.
  • Production: We transform available resources into goods and services. That's production.
  • Consumption: The goods and services produced are used to satisfy wants and needs. That's consumption.

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COLLUSION PRODUCTION ANALYSIS

To avoid competition, oligopolistic firms are occasionally inclined to cooperate through collusion. Collusion occurs when two or more oligopolistic firms jointly agree to control market prices and quantity and to generally act like a monopoly. Colluding firms set a price and produce a quantity that maximizes industry-wide economic profit, the same price and quantity that would be selected by a profit-maximizing monopoly. Once the industry-wide price and production are determined, each individual firm produces the quantity of output that equates the marginal cost of the firm to the marginal revenue for the industry.

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Today, you are likely to spend a great deal of time at a flea market looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for the last item on a shelf.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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