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INDUSTRIAL ORGANIZATION: The manner in which a market or industry is organized or structured, especially in terms of the competitiveness of the firms making up the market or industry. This phrase is also used to mean the economic study of the organization or an industry. When used for the competitiveness of a market, the term market structure can be used interchangeably. Industrial organization is concerned with the competitiveness of market, what this means for market control by buyers or sellers, and how this affects the efficiency of production.
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Lesson 8: Market Shocks | Unit 5: Cause and Effect
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Page: 19 of 20
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The sequence of the cause and effect links is an essential element in economic analysis. Six steps for market adjustment: - First, a determinant change always starts the process.
- Second, the determinant change causes a shift in either the demand or the supply curve.
- Third, the shift in the curve causes market disequilibrium, either a shortage or surplus.
- Fourth, the disequilibrium causes the price to change.
- Fifth, the price change causes a change in quantity demanded and quantity supplied.
- Sixth, changes in quantity demand and supplied cause the market equilibrium to be restored.
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EFFICIENT INFORMATION SEARCH A comparison between the cost of acquiring information and the benefit generated by the information such that it is not possible to increase welfare or well being by acquiring any more of any less information. Efficient information search is achieved by equating the marginal cost of search with the benefit of search. This efficiency is comparable to the profit-maximizing decision by a producer and the utility-maximizing decision by a consumer.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for high interest rates.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"I can't change the direction of the wind, but I can adjust my sails to always reach my destination." -- Jimmy Dean
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IBRD
International Bank for Reconstruction and Development
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