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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 11: Circular Flow | Unit 1: Basic Flow Page: 3 of 22

Topic: Three Markets <=PAGE BACK | PAGE NEXT=>

The three aggregated markets in the circular flow are:
  • Product markets: The combination of all markets in the economy that exchange final goods and services. These markets are the mechanism that exchanges gross domestic product. These are also termed the aggregate market.
  • Factor markets: These markets exchange the services of the economy's resources, or factor of production--labor, capital, land, and entrepreneurship. These are also called resource markets.
  • Financial markets: These are markets that trade financial instruments, like stocks and bonds. They play an important role in capital investment.

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AUTONOMOUS EXPORTS

Exports to the foreign sector that do not depend on domestic income or production (especially national income or gross domestic product). Exports depend on foreign income or production, but not on domestic income or production. While other expenditures have both autonomous and induced components, exports are exclusively autonomous. Autonomous exports are a key part of the autonomous part of net exports. Induced net exports are due to induced imports.

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[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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