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GROWTH: The process of increasing the economy's ability to produce goods. Growth is also one of the three macroeconomic goals of an economy (full employment and stability are the other two). Growth is usually measured by increases in gross domestic product or per capita gross domestic product. The main sources of growth are increases in the quantity and quality of the resources. And the primary way of achieving these increases goes by the term investment.
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Lesson 19: Monopolistic Competition | Unit 4: Analysis
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Page: 18 of 22
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In this unit, you should have learned about:- Why a monopolistic competition firm is faced with the same three short-run production alternatives as other firms based on a comparison between price, average total cost, and average variable cost
- That market control means a monopolistic competition firm does not have a short-run supply curve like that of perfect competition.
- How market control makes a monopolistic competition firm inefficient, but that the inefficiency is relatively minor.
- That a monopolistic competition firm has excessive capacity in the long run because of it's market control.
- Why advertising is used by monopolistic competition to promote product differentiation and to increase market control
- How advertising is used the shift the demand curve facing and firm and to reduce demand elasticity.
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EQUILIBRIUM A state that exists when opposing forces are in balance, with each force exactly offsetting the other, such that there is no inherent tendency for change. Once achieved, an equilibrium persists unless or until it is disrupted by an outside force. The notion of equilibrium is an essential feature in most economic models, such as the market model.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"The marvelous thing about human beings is that we are perpetually reaching for the stars. The more we have, the more we want. And for this reason, we never have it all. " -- Joyce Brothers, psychologist
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NAV
Net Asset Value
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