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COMPETITION ALONG A LINE: A basic analysis of location theory that demonstrates how and why competing firms tend to locate next to each other. This analysis indicates that as firms attempt to attract customers from each other, they edge increasingly closer. In particular, while an efficient situation (indicated by minimum transportation cost) is obtained by a more disperse location of firms, competition brings them together and creates inefficiency (by increasing transportation cost)
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Lesson 15: Aggregate Market | Unit 3: Doing Curves
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Page: 12 of 22
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Topic:
Long Run Disequilibrium: Too High
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We can see what happens if the price level is not at the long-run equilibrium price level of Pe. If price level is the too high the supply of real production is greater than demand. We have surpluses in product markets throughout the economy. Market prices decrease and so too does the price level. Aggregate expenditures then increase to reach full employment.
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NET FOREIGN FACTOR INCOME The difference between factor payments received from the foreign sector by domestic citizens and factor payments made to foreign citizens for domestic production. Net foreign factor income (NFFI) is the key difference between gross DOMESTIC product and gross NATIONAL product in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. It is also an important difference between NATIONAL income and gross (and net) DOMESTIC product.
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More money is spent on gardening than on any other hobby.
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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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TFP
otal Factor Productivity
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