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MARKET SHARE: The fraction of an industry's total sales accounted for by a single business. In general, market share is a "first-guess" indicator of a firm's market control. If, for example, a company has a market share of 100 percent (that is, a monopoly), then you can rest assured it has a substantial amount of market control. A company with a 25 percent market share has less, but still notable, market control. In fact, when you get right down to the bottom line, the phrase "market share" is only worth mentioning for oligopolistic firms with a significant degree of market control. There really is no market control for a monopolistically competitive firm with a 0.00000001 percent market share.
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Lesson 4: Production Possibilities | Unit 4: Analysis
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Page: 15 of 24
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We can use production possibilities to illustrate unemployment, too.- Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services.
- Unemployment is interpreted as any bundle that places the economy INSIDE the production possibilities curve.
- With unemployment we don't get as much production as with full employment.
- Unemployment is as any bundle, such as L, inside the curve.
- M is not attainable.
- Unemployment applies to all types of resources.
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CONTRIBUTIVE STANDARD An income distribution standard in which income is divided among members of society based on the value of each person's contribution to production. This is one of three basic income distribution standards that answers the For Whom? question of allocation. The other two are the equality standard and the needs standard.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale looking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for vindictive digital clocks with revenge on their minds.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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PV
Present Value
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