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OLIGOPOLY: A market structure dominated by a small number of large firms, selling either identical or differentiated products, and significant barriers to entry into the industry. This is one of four basic market structures. The other three are perfect competition, monopoly, and monopolistic competition.

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Lesson 4: Production Possibilities | Unit 3: The Curve Page: 9 of 24

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We can transform the schedule of production possibility numbers into a graph.
  • Each bundle can be represented by a point in two dimensional production possibilities space.
  • The two dimensions of the space are clock calibrators on the horizontal axis and jogging shoes on the vertical axis.
  • The horizontal axis is measured between 0 and 11 calibrators.
  • The vertical axis is measured between 0 and 500 jogging shoes.
  • The two axis are joined at the origin.
  • The plotted bundles form a semi-circle pattern.
  • If these were stars in the night sky we might name it the arc of production. But it's not, so we won't.

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SEASONAL UNEMPLOYMENT

Unemployment attributable to relatively regular and predictable declines in particular industries or occupations over the course of a year, often corresponding with the climatic seasons. Unlike cyclical unemployment, which may or may not occur at any given time, seasonal unemployment is an essential part of many jobs. For example, a regular, run-of-the-mill, department store Santa Clause can count on 11 months of unemployment each year. Seasonal unemployment is one of four unemployment sources. The other three are cyclical unemployment, frictional unemployment, and structural unemployment.

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APLS

WHITE GULLIBON
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Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

OAS
Organization of American States
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