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YANKEE BOND: A bond issued with a dollar denomination in the United States by a foreign bank or corporation. This allows U.S. investors to invest in foreign securities without price fluctuations caused by exchange rates.
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Lesson 16: Perfect Competition | Unit 1: Price Taker
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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:
- A large number of small firms.
- Identical products.
- Perfect resource mobility.
- 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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EXCESS RESERVES The reserves (vault cash and Federal Reserve deposits) that banks have over and above what they are required by government to keep to back up deposits. The primary use of excess reserves, also termed free reserves, is for loans to consumers and businesses. Because reserves do not generate interest, revenue, or profit, banks are inclined to keep as few excess reserves as possible.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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ARIMA
Autoregressive Integrated Moving Average
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