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ANTITRUST: The generally process of preventing monopoly practices or breaking up monopolies that restrict competition. The term antitrust derives from the common use of the trust organizational structure in the late 1800s and early 1900s to monopolize markets. The most noted example of the use of a monopoly trust was the Standard Oil Trust, controlled by J. D. Rockefeller and dismantled through the Sherman Act in 1911. The creation of similar monopoly trusts led to the several antitrust laws, including the Sherman Act, the Clayton Act, and the Federal Trade Commission Act.
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Lesson 11: Elasticity Basics | Unit 2: A Little More
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Page: 7 of 25
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Topic:
Why Study: Market Shocks
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- How much price and quantity changes, however, depends on elasticity.
- Demand Changes, Elastic Supply: With elastic supply any change in demand results in relatively large changes in quantity, but relatively small changes in price.
- Demand Changes, Inelastic Supply: With inelastic supply any change in demand results in relatively small changes in quantity, but relatively large changes in price.
- Supply Changes, Elastic Demand: With elastic demand any change in supply results in relatively large changes in quantity, but relatively small changes in price.
- Supply Changes, Inelastic Demand: With inelastic demand any change in supply results in relatively small changes in quantity, but relatively large changes in price.
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UNIT OF ACCOUNT The money function in which money is used as the common benchmark to designate the prices of goods exchanged throughout the economy. Unit of account, or measure of value, means money is functioning as the measuring unit for prices. In other words, prices of goods are stated in terms of the monetary unit. This is one of four basic functions of money. The other three are medium of exchange, store of value, and standard of deferred payment.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living." -- Nelson Mandela
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W
Wage
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