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HHI: The common abbreviation for the Herfindahl-Hirshman index (or the Herfindahl index), which is a measure of concentration of the production in an industry that's calculated as the sum of the squares of market shares for each firm. This is an alternative method of summarizing the degree to which an industry is oligopolistic and the relative concentration of market power held by the largest firms in the industry. The Herfindahl index gives a better indication of the relative market control of the largest firms than can be found with the four-firm and eight-firm concentration ratios.

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Lesson 6: Supply | Unit 1: Selling Basics Page: 1 of 19

Topic: The Concept <=PAGE BACK | PAGE NEXT=>

The concept of supply parallels the concept of demand. It too is fundamental to the study of the market and economics. It is the second of the two sides of the market that we'll study.

A definition:

Supply is the willingness and ability to sell a range of quantities of a good at a range of prices, during a given time.

Like demand we have three points:

  • Willingness and ability.
  • Range of quantities and prices.
  • A given time period.

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EQUITY

This has two, not totally unrelated, uses in economics--one of five economic goals and ownership of an asset. As an economic goal, one of the two microeconomic goals, achieving equity means that income and wealth are distributed in a fair manner. What is meant by "fair" is subject to continuing debate. As ownership, equity typically refers to the ownership of a corporation, especially corporate stock. An equity market, as such, is another term for a stock market that trades ownership stock of corporations.

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GRAY SKITTERY
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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