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ANDEAN COMMUNITY: The Andean Community (CAN) is a subregional organization endowed with an international legal status, which is made up of Bolivia, Colombia, Ecuador, Peru and Venezuela. The main objectives of the Andean Community are to promote the balanced and harmonious development of the member countries under equitable conditions, to boost their growth through integration and economic and social cooperation and to enhance participation in the regional integration process with a view to the progressive formation of a Latin American common market. The Andean Community started operating on August 1, 1997 with a General Secretariat, whose headquarters are in Lima (Peru), as its executive body.
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Lesson 18: Monopoly | Unit 1: Intro
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Page: 6 of 30
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In this unit, you should have learned about:- Monopoly as the market structure with a single seller of a product with no close substitutes and high entry barriers.
- How a firm can achieve and keep monopoly status through product differentiation and entry barriers.
- Numerous examples of real world monopolies in the areas of pharmaceuticals, public utilities, natural resources, and labor unions.
- How monopoly, on one end of the market-structure spectrum, compares to perfect competition, on the other end.
- The two types of imperfect competition, monopolistic competition and oligopoly.
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LAISSEZ FAIRE The notion that government should not intervene into production, consumption, and exchange activities and that the private sector (households and businesses) should be free to make allocation decisions. Laissez faire is a French term that roughly translates into "allow to act." It has been the rallying cry for many people (primarily business leaders) who oppose government intervention, regulation, or even taxation since it was popularized in the late 1700s by Adam Smith in The Wealth of Nations.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale looking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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ABA
American Bankers Association, Associate in Business Administration
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