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POLLUTION TYPES: Pollution residuals fall into one of three categories--degradable, nondegradeable, and persistent. Damage done by each type, and thus external cost, typically varies. At one extreme are degradable residuals and at the other are nondegradable. In the middle are persistent residuals.
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Lesson 7: Market | Unit 1: The Exchange
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Page: 1 of 22
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Market is the term we used to indicate voluntary trades among buyers and sellers. These trade involve a mutually agreeable quantity at a mutually agreeable price. A definition: A market is an organized exchange of commodities (including resources, goods, and services) among buyers and sellers, during a given time period.Four important points about markets. 1. Markets are voluntary trades among buyers who want something (the demand side) and sellers who have something (the supply side). 2. The most important items traded are the goods and services that people consume, and the resources used to produce these goods and services. 3. Markets are the voluntary means of facing the scarcity problem. Government is the involuntary way of the facing scarcity problem. 4. Like demand and supply, markets are analyzed over a given time period.
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OLIGOPOLY, BEHAVIOR Oligopolistic industries share several behavioral tendencies, including: (1) interdependence, (2) rigid prices, (3) nonprice competition, (4) mergers, and (5) collusion. In other words, each oligopolistic firm keeps a close eye on the decisions made by other firms in the industry (interdependence), are reluctant to change prices (rigid prices), but instead try to attract customers from the competition using incentives other than prices (nonprice competition), and when they get tired of competing with their competitors they are inclined to cooperate formally and legally (mergers) or informally and illegally (collusion).
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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Net Exports
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