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OLIGOPOLY CHARACTERISTICS: The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.

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Lesson 1: Economic Basics | Unit 1: Economics Page: 2 of 18

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An understanding of economics also involves:

Scarcity. We have limited resources, but unlimited wants and needs. The study of economics is essentially the study of scarcity.
Opportunity Cost. Using resources for one alternative prevents using them for another. Opportunity cost is the highest valued alternative.
Analysis. Economics is an analytical discipline that answers 'What if...?' questions.

Scarcity dictates that we must answer the three basic questions of allocation are:
  • What? What goods and services will be produced with society's resources?
  • How? How will society's resources be used to produce the goods and services?
  • For whom? Who receives the goods and services produced with society's resources?

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CERTIFICATES OF DEPOSIT

Interest-paying bank accounts maintained by traditional commercial banks, credit unions, savings and loan associations, and mutual savings banks that stipulate a fixed interest rate and the length of maturity before the funds can be withdrawn. Certificates of deposit (CDs) pay a higher interest rate than regular savings accounts, but the funds cannot be withdraw at the full interest rate until the maturity date. These are one of two types of time deposits. The other is savings deposits. Certificates of deposit, along with savings deposits and other near monies, are added to M1 to derive M2.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for telephone calls from former employers.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

-- John Quincy Adams, 6th US president

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