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OTHER PRICES: A handy term referring to the prices of other goods that affect either the demand for a good or the supply of the good. On the demand side, other prices can be those for substitutes-in-consumption or complements-in-consumption. On the supply side, other prices can be those for either substitutes-in-production or complements-in-production. Changes in other prices cause shifts in the corresponding demand or supply curves.

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Lesson 17: Market Structures | Unit 1: Intro Page: 1 of 23

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

  • A definition of market structure to get us started:

  • Market structure is the configuration of a market or industry, especially in terms of the number of firms in the market and the competitiveness of each firm.
  • At times, the term industrial organization is used synonymously with market structure.

  • Industrial organization is the manner in which a market or industry is organized or structured, especially in terms of the competitiveness of the firms making up the market or industry.
  • In particular, market structures are generally organized in one of four manners:

    • Perfect competition
    • Monopoly
    • Monopolistic competition
    • Oligopoly


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ECONOMIC GROWTH, PRODUCTION POSSIBILITIES

Economic growth is the process of increasing the economy's ability to produce goods and services. It is achieved by increasing the quantity or quality of resources. This process can be illustrated as an outward shift of the production possibilities curve.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slow moving vehicles with darkened windows.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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