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NOT IN THE LABOR FORCE: Anyone who is not classified by the Bureau of Labor Statistics (BLS) as either employed persons or unemployed persons. The combination of employed persons and unemployed persons is the official specification of the civilian labor force, meaning anyone who does not qualify for the civilian labor force is classified as "not in the labor force." This catch-all category is largely comprised of several notable segments of the population, such as young, elderly, homemakers, and military. However, it includes others who are either unwilling or unable to engage in productive activities for assorted reasons.

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Lesson 20: Oligopoly | Unit 3: Behavior Page: 11 of 24

Topic: Interdependence <=PAGE BACK | PAGE NEXT=>

  • The decisions by one firm in the market depends on the actions and reactions of the other firms.
  • Such interdependence surfaces in two types of activities:

  • Competition

  • Competition among firms in an oligopoly market can become quite intense.
    Competition among the few takes place in a market with a small number of sellers (or buyers), such that each seller (or buyer) has some degree of market control.

  • With this form of competition, each firm keeps a very close watch on what other firms in market do or plan to do.

  • Cooperation

  • Cooperation generally takes the form of operating the oligopoly market as a monopoly.

  • Oligopoly firms monopolize their market through various types of cooperation, some are explicit others are implicit and difficult to detect.

  • Four types worth listing are:

    • Price leadership
    • Collusion
    • A cartel
    • A merger

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INTERMEDIATE GOODS

Goods (and services) that are used as inputs or components in the production of other goods. Intermediate goods are combined into the production of finished products, or what are termed final goods. Unlike final goods, intermediate goods will be further processed before sold as final goods. Because gross domestic product seeks to measure the market value of final goods, and because the value of intermediate goods are included in the value of final goods, market transactions that capture the value of intermediate goods are not included separately in gross domestic product. To do so creates the problem of double counting.

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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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