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PERFECT COMPETITION AND EFFICIENCY: Perfect competition is the idealized market structure that achieves an efficient allocation of resources. The conditions of perfect competition, including (1) large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology, ensure that perfect competition efficiently allocates resources. This is in fact the purpose of perfect competition: a market structure that illustrates perfection, the best of all possible resource allocation worlds. The real world falls short of this perfection.

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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 5 of 22

Topic: Consumption Expenditures <=PAGE BACK | PAGE NEXT=>

The household sector is the group responsible for the consumption part of the aggregate expenditures.

Consumption is the expenditures by the household sector on final goods and services undertaken in a given time period.

Three specific categories of consumption:

  • Nondurable goods Goods lasting less than a year.
  • Durable goods Goods lasting more than a year.
  • Services Intangible activities.
Each consumption category plays a different role in the macroeconomy.

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VERTICAL MERGER

The consolidation of two or more separately-owned businesses, that have an input-output relation, into a single firm. This is one of three types of mergers. The other two are horizontal merger--two competing firms in the same industry that sell the same products--and conglomerate merger--two firms in separate, unrelated industries.

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APLS

BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for the happiest person in the room.
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The average bank teller loses about $250 every year.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

SPE
Subgame Perfect Equilibrium
A PEDestrian's Guide
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