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P-E RATIO: Also termed the price-earnings ratio, this is the ratio of the current price for one share of corporate stock to the earnings (profit) per share of stock. This is used by many financial analysts and investors as an indicator of a company's performance and potential for future growth. A relatively high price-earnings ratio suggests that investors think the company has a great deal of future growth potential. It can also be a sign, however, that the company is seriously overpriced and due for a big drop.

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Lesson 16: Perfect Competition | Unit 1: Price Taker Page: 5 of 28

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In this unit, you should have learned about:
  • Perfect competition as an ideal market structure that can provide a better understanding of market supply.
  • That perfect competition does not exist in its' idealized "perfect" form in the real world, but that it provides a benchmark for evaluating real world firms and other market structures.
  • The four characteristics of perfect competition:
    1. A large number of small firms.
    2. Identical products.
    3. Perfect resource mobility.
    4. Perfect knowledge.
  • That a perfectly competitive firm is a price taker, with no market control or the ability to affect price determined in the market.
  • Why the demand curve facing a perfectly competitive firm is horizontal or perfectly elastic.
  • The profit maximization motivation of a perfectly competitive firm, which is fundamentally the same as any other firm.


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MACROECONOMIC THEORIES

Scientific theories that seek to explain phenomena associated with the macroeconomy. The primary phenomena investigated are unemployment, inflation, and the level of aggregate production. Macroeconomic theories also inevitably provide policy recommendations intended to improve the performance of the economy and to correct macroeconomic problems. A few of the more noted macroeconomic theories are: Classical economics, Keynesian economics, aggregate market (AS-AD) analysis, IS-LM analysis, Monetarism, and New Classical economics.

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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for attractive cable television service repair people.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. "

-- Andrew Carnegie, entrepreneur

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