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DERIVATION, PRODUCTION POSSIBILITIES CURVE: A production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is often derived from a production possibilities schedule. This derivation involves plotting each bundle from the production possibilities schedule as a point in a diagram measuring the two goods on the vertical and horizontal axes.
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Lesson 16: Perfect Competition | Unit 5: Evaluation
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Page: 28 of 28
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In this unit, you should have learned about:- The good of perfect competition, including that it efficiently allocations resources by equating price and marginal cost, produces at the lowest possible cost by equating price and average cost, and ensures not be a normal profit.
- The bad of perfect competition, including that it provides no incentives for innovation and growth, is exceedingly due because every good is the same, and can be misused by policy markers if they fail to recognized that it is an idealized model.
- Why perfect competition, with no market control, is a benchmark for evaluating the efficiency of firms (monopoly, monopolistic competition, and oligopoly) that do have market control.
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PHYSICAL FLOW In the circular flow model, the transfer of goods and services from the business sector to the household sector and the transfer of resource services from the household sector to the business sector. The physical flow is usually illustrated as a counter-clockwise flow for a model with the product markets at the top, resource markets at the bottom, household sector at the left, and business sector at the left. The payment flow moves in the opposite direction.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. " -- B. C. Forbes, founder, Forbes magazine
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LSE
London Stock Exchange
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