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FEDERAL INSURANCE CONTRIBUTIONS ACT: Commonly abbreviated FICA, this act passed in 1939 established payroll deductions from wage-earning employees and the employers for the Social Security system. This is the noted Social Security tax that wage earners pay and which is then used to provide Social Security benefits to the elderly, disable, and qualified dependents.

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Lesson 19: Monopolistic Competition | Unit 4: Analysis Page: 16 of 22

Topic: Efficiency And Excess Capacity <=PAGE BACK | PAGE NEXT=>

  • The market control of monopolistic competition firms has two important implications:

  • First, resources are not used efficiently.
  • Second, as previously noted, firms have excess capacity.

    • Efficiency: Resources are used efficiently when price is equal to marginal cost.

    • Excess Capacity: In the long run, efficient use of capital is achieved at the minimum efficient scale.


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PLASTIC MONEY

A slang phrase for credit cards, especially when such cards used to make purchases. The "plastic" portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. The "money" portion is an erroneous reference to credit cards as a form of money, which they are not. Although credit cards do facilitate transactions, because they are a liability rather than an asset, they are not money and not part of the economy's money supply.

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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for the last item on a shelf.
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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.
"There is no twilight zone of honesty in business. A thing is right or it's wrong. It's black or it's white. "

-- John F. Dodge, automaker

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American Assocation of Commodity Traders
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