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DEBTOR NATION: A nation that owes more to foreign governments, businesses, and consumers than foreigners owe to domestic governments, businesses, and consumers. The United States, having been a creditor nation for many decades, has now achieved the status of debtor nation. This sort of thing happens when exports are less than imports, creating a deficit in the current account of the balance of payments and thus a surplus in the capital account.

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Lesson 8: Market Shocks | Unit 5: Cause and Effect Page: 18 of 20

Topic: Economic Science <=PAGE BACK | PAGE NEXT=>

Economic analysis lets us examine market shocks in a systematic manner.
  • Many things affect the market. Prices and quantities can fall or raise for many different reasons.
  • Ceteris paribus lets us isolate particular changes in the demand and supply determinants to analyze how price and quantity are affected.
  • This market-shock analysis lets us isolate the basic cause and effect principles of economic science.

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COLLUSION, EFFICIENCY

Colluding oligopolistic firms generally produce less output and charge a higher price than would be the case for a perfectly competitive industry. The efficiency of colluding oligopolistic firms is essentially the same as that for monopoly. In essence, colluding oligopolistic firms function just as if the market is a monopoly. The price charged by the colluding firms is higher than the marginal cost of production and the quantity is less. Most notably, price is greater than marginal, a violation of the key condition for efficiency.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for telephone calls from former employers.
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