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HERFINDAHL-HIRSHMAN INDEX: 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 9: Macro Basics | Unit 4: Policies
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Page: 11 of 16
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Government tries to bring the economy closer to the macro goals of full employment, stability and growth, and to lessen the scarcity problem.- Economic policies are government actions designed to affect the economy to pursue the economic goals.
- Stabilization policies (or counter-cyclical policies) are designed to limit economic instability and business cycles and avoid high rates of unemployment and inflation.
Key macroeconomic stabilization policies:- Fiscal policy is the use of government spending and taxes to stabilize the economy.
- Monetary policy is the use of the amount of money in circulation to stabilize the economy.
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INNOVATION PROFIT Economic profit, the difference between the total revenue received by a firm and the total opportunity cost of production, that is attributable to innovation, the initial application of new products, technologies, or ideas. Innovation profit is one of two sources of economic profit. The other is monopoly profit that arises due to market control. The generation of innovation profit is an important incentive that by rewarding individual innovative behavior enables society-wide benefits from the resulting innovations.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for jovial bank tellers.
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The average bank teller loses about $250 every year.
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"Act well at the moment, and you have performed a good action for all eternity." -- Johann Kaspar Lavater
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AVC
Average Variable Cost
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