|
|
GOOD: When used without an adjective modifier (like "final" good or "intermediate" good), this generically means a physical, tangible product used to satisfy people's wants and needs . This term good should be contrasted with the term service, which captures the intangible satisfaction of wants and needs. As such, you will frequently see the plural combination of these two phrases together "goods and services" to indicate the wide assortment of economic goods produced using the economy's scarce resources. As you might imagine this general notion of wants and needs satisfying goods and services pops up throughout the study of economics.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 1: Economic Basics | Unit 4: Goals
|
Page: 11 of 18
|
The three macro goals are most important in the study of the macroeconomics:- Full employment: This is when all available resources (labor, capital, land, and entrepreneurship) are used to produce goods and services. It enables more production that can reduce the scarcity problem.
- Stability: This is avoiding or limiting fluctuations in production, employment, and prices. It reduces uncertainty of the future.
- Growth: This is increasing the economy's ability to produce goods and services. It improves living standards and better addresses the scarcity problem.
The two micro goals are most important in the study of the microeconomics:- Efficiency: This is getting the highest amount of satisfaction from available resources. Efficiency is achieved when society cannot change the distribution of resources in any way that would increase the total amount of satisfaction obtained by society.
- Equity: This is the fairness with which income or wealth is distributed within a society. Equity occurs when income or wealth is fairly distributed. But the standards of fairness differ and puts us into normative economics.
|
|
|
|
|
|
|
COLLUSION A usually secret agreement among competing firms in an industry (primarily oligopoly) to dominate the market, control the market price, and otherwise act like a monopoly. The reason for the secrecy is that such behavior is illegal in the United States under antitrust laws. Collusion can take one of two forms. Explicit collusion occurs when two or more firms in the same industry formally agree to control the market. Implicit collusion occurs when two or more firms in the same industry control the market through informal, interdependent actions. Collusion is one of two ways oligopoly firms cooperate to avoid competition. The other is through mergers.
Complete Entry | Visit the WEB*pedia |
|
|
YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for poorly written technical manuals.
Your Complete Scope
This isn't me! What am I?
|
|
|
The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
|
|
|
"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
|
|
FITW
Federal Income Tax Witholding
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
