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BUSINESS TRANSFER PAYMENTS: A payment by the business sector to the household sector without any corresponding production or expectations of production. Business transfer payments are essentially gifts, or subsidies, made to the household sector from the business sector. This is one of several key differences between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. business transfer payments, abbreviated BTP, tend to be quite small, invariably less than 1% of gross domestic product.
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Lesson 19: Monopolistic Competition | Unit 1: Intro
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Page: 5 of 22
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In this unit, you should have learned about:- Monopolistic competition as a market structure with a large number of relatively small firms that sell similar but slightly different products.
- The four characteristics of monopolistic competition -- large number of small firms, similar but not identical products, relatively good resource mobility, and relatively complete knowledge.
- Why monopolistic competition is consider the imperfect real world's best attempt to achieve perfect competition.
- Monopolistic competition as a mix of perfect competition (the "competition") and monopoly (the "monopolistic").
- The important role that product differentiation plays in monopolistic competition, and how it gives each firm "a little bit of a monopoly."
- How product differentiation can be achieved through physical differences, perceived differences, and support services.
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TAX WEDGE The difference between demand price and supply price that is created when a tax is imposed on a market. Placing a tax on a market disrupts what otherwise would be an equilibrium equality between demand price and supply price. A tax wedge results because the tax is included in the demand price paid by buyers but not in the supply price received by sellers. With standard demand (negative slope) and supply (positive slope) curves, the incidence of the tax (who pays) is divided between buyers and sellers.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for defective microphones.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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IIPF
International Institute of Public Finance
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