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FACTOR DEMAND: The willingness and ability of productive activities (that is, businesses) to hire or employ factors of production. Like other types of demand, factor demand relates the price and quantity. Specifically, factor demand is the range of factor quantities that are demanded at a range of factor prices. This is one half of the factor market. The other half is factor supply. The factors of production subject to factor demand include any and all of the four scarce resources--labor, capital, land, and entrepreneurship. However, because labor involves human beings directly, it is the factor that tends to receive the most scrutiny and analysis.
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Lesson 20: Oligopoly | Unit 3: Behavior
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Page: 14 of 24
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In this unit, you should have learned about:- Why oligopoly is characterized by interdependent decision making, because the actions of one firm invariably affect other firms in the industry.
- How interdependent decision making results from oligopoly firms that practice competition among the few.
- How intense competition among oligopoly firms often gives way to cooperation through price leadership, collusion, cartel, and merger.
- How oligopoly firms cooperate through collusion, by secretly set prices, limiting production, and acting like a monopoly.
- How price leadership can be used as an implicit form of collusion and that cartels are an explicit form of collusion.
- How cooperation among oligopoly firms can be formalized through mergers, the legal joining of two or more firms into a single firm.
- The differences between horizontal mergers, vertical mergers, and conglomerate mergers, and which is most likely to violate antitrust laws.
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MARGINAL ANALYSIS A basic technique used in economics that analyzes small, incremental changes in key variables. Marginal analysis is the primary analytical approached used in the study of markets, production, consumption, business cycles, and economic policies. It not only reflects how most economic decisions are made, it also lends itself to mathematical and graphical analysis.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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FXA
Foreign Exchange Agreement
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