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HOMOGENEOUS PRODUCT: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a product can not be identified from the product itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.

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Lesson 6: Supply | Unit 4: Determinants Page: 15 of 19

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The five determinants that cause the supply curve to shift are:
  • Resource prices: If the price of any resource (labor, capital, land, or entrepreneurship) changes, so too does production cost and the ability to supply a good.
  • Technology: Improving production techniques enhance the ability to supply a good.
  • Prices of other goods: Goods using the same inputs can be either substitutes or complements in production.
  • Expectations: Sellers' current supply depends on expectations of future prices.
  • Number of sellers: More sellers, more supply. Fewer sellers, less supply.
These categories include all factors other than price that affect supply.

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CONGLOMERATE MERGER

The consolidation of two or more separately-owned businesses, operating in separate industries, into a single firm. This is one of three types of mergers. The other two are horizontal merger--two competing firms in the same industry that sell the same products--and vertical merger--two firms in different stages of the production of one good, such that the output of one business is the input of the other.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for strangers with large satchels of used undergarments.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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