|
|
PERFECT COMPETITION: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 17: Money | Unit 4: Money's History
|
Page: 17 of 25
|
A long time ago, our ancestors realized that life could be better with a little trading.- Our ancestors first satisfied their own wants and needs.
- Then, self-sufficiency gave way to barter.
Two reasons for barter: - First: Barter lets resources specialize in production.
- Second: With barter trades, people can access a wider variety of goods than they could produce on their own.
- Barter is a more effective way of satisfying our wants and needs.
However barter is not perfect: - We need double coincidence of wants.
- It takes resources for trades.
Therefore: - Our ancestors progressed to the next stage: commodity money.
|
|
|
|
|
|
|
GOLDSMITH BANKING An analysis of banking functions based on the semi-realistic activities of the goldsmith profession of Medieval Europe. Because the gold used a production inputs by goldsmiths was also used as money, they developed many modern banking functions, including maintaining deposits, making loans, keeping reserves, and creating money. While the story of goldsmith banking is often embellished for instructional purposes, it does contain the essence of how goldsmiths operated as banks.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope
This isn't me! What am I?
|
|
|
Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
|
|
|
"Be kind and merciful. Let no one ever come to you without coming away better and happier." -- Mother Teresa of Calcutta, humanitarian
|
|
LISH
last In Still Here
|
|
|
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
|
|
