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EUROPEAN CURRENCY UNIT: The forerunner of the euro that will be officially introduced in the European Union in 2002. Commonly referred to as the ECU, the European Currency Unit is the weighted average of the currencies of the twelve original nations of the European Union. In that there are is no paper currency yet, it is currently used primarily for big-time commercial, financial, and international transactions.
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Lesson 20: Oligopoly | Unit 2: Structure
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Page: 10 of 24
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In this unit, you should have learned about:- How oligopoly is characterized by significant concentration that is indicated by market share, the concentration ratio, or the Herfindahl index.
- The concentration ratio, which is the proportion of total sales accounted for by the top firms in the industry, as one measure of concentration in an oligopoly market.
- How 4-firm and 8-firm concentration ratios calculated and are used to indicate high, medium, and low level concentration in an industry.
- The Herfindahl index, which is the sum of the squares of market shares of the firms in the industry, as another measure of concentration in an oligopoly market.
- How the Herfindahl index is calculated and used to indicate high, medium, and low level concentration in an industry.
- How oligopoly is also characterized by high entry barriers, including start up cost, resource ownership, decreasing average cost, government authorization, and trade barriers.
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UNEMPLOYMENT, PRODUCTION POSSIBILITIES Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services. In other words, some resources that could be used for production are not being used. This is indicated in production possibilities analysis by producing a combination of goods that places the economy inside the production possibilities curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for rusty deck screws.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"The only place success comes before work is in the dictionary. " -- Vince Lombardi
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U
Unemployment
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