|
|
UNFAIR COMPETITION: A wide assortment of business practices that are deceptive and dishonest, and usually hamper competition. Examples of unfair competition include false or misleading advertising, price discrimination, bribery, and even industrial espionage. These practices and many, many more are illegal according to antitrust law, specifically the Federal Trade Commission Act (1914).
Visit the GLOSS*arama
|
|
|
|
|
Lesson 15: Aggregate Market | Unit 2: Equilibrium
|
Page: 7 of 22
|
Equilibrium in the aggregate market occurs when the forces of aggregate demand and aggregate supply are balanced.- Equilibrium is a balance of forces that will remain unchanged until some other, outside force intervenes.
- For the market, the forces are supply and demand. For the aggregate market, the forces are aggregate demand and aggregate supply.
- The aggregate demand force is our four sectors who want GDP at the lowest price level possible.
- The aggregate supply force is our scarce resources who want to sell GDP at the highest prices possible.
|
|
|
|
|
|
|
SHORT RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which at least one input under the control of a firm used in the production process is variable and at least one input is fixed. In the short run, the variable input is usually labor and the fixed input is capital. The short-run analysis of production reveals the law of diminishing marginal returns and provides an understanding of the upward-sloping supply curve and the law of supply. This is one of four production time periods used in the study of microeconomics. The other three are long run, very long run, and very short run (or market period). The short run is also a time period designation used in the macroeconomic analysis of business cycles.
Complete Entry | Visit the WEB*pedia |
|
|
|
The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
|
|
|
"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
|
|
GSP
Gross State Product
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
