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CAPITAL CONSUMPTION ADJUSTMENT: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis that measures the macroeconomy's capital depreciation during a given time period, usually one year. The capital consumption adjustment, which is also commonly termed the capital consumption allowance, both of which conveniently go by the abbreviation of CCA, is subtracted from gross domestic product (GDP) to calculate net domestic product (NDP). The CCA is also subtracted from gross private domestic investment to calculate net private domestic investment.

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Lesson 16: Perfect Competition | Unit 1: Price Taker Page: 2 of 28

Topic: Characteristics <=PAGE BACK | PAGE NEXT=>

  • The four characteristics of perfect competition are:

    1. A large number of relatively small firms.
    2. Identical products supplied by each firm.
    3. Perfect resource mobility.
    4. Perfect knowledge of prices and technology.


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MARGINAL FACTOR COST CURVE

A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

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GNP
Gross National Product
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