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NET INCOME: A common term for profit, as the difference between total revenue and total cost. When used in the real world of business wheeling and dealing, this notion of net income general refers to accounting profit rather than economic profit. The "net" aspect of net income indicates that some (that something being cost) is deducted from total or "gross" income. Other common terms used in this same context are net revenue and net earnings.
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Lesson 17: Market Structures | Unit 2: Four Types
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Page: 11 of 23
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Topic:
Other Structures
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- Three alternative market structures worth noting:
- Monopsony is a market characterized by a single buyer of a product.
- Oligopsony a market structure dominated by a small number of large buyers controlling the buying-side of a market.
- Monopsonistic competition is a market structure characterized by a large number of small buyers, that purchase but not identical inputs, relative freedom of entry into and exit out of the industry, and extensive knowledge of prices and technology.
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VOLUNTARY EXCHANGE The process of willingly trading one valuable commodity (good, service, or resource) for another. The key term is "willingly," which distinguishes voluntary exchanges from involuntary exchanges, such as those created by government taxes. Voluntary exchanges are the foundation of market transactions.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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