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INCOME-PRICE MODEL: An economic model relating the price level (the price part) and real production (the income part) that is used to analyze business cycles, aggregate production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The income-price model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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Lesson 20: Oligopoly | Unit 5: Evaluation Page: 24 of 24

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In this unit, you should have learned about:
  • The bad of oligopoly, which is inefficiency and concentration of wealth that can created other problems.
  • The good of oligopoly, which is innovation that increases living standards and large scale production that provides more output out lower prices.
  • That government intervention to correct the bads of oligopoly at the expense of the goods is almost always controversial and seldom a clear-cut decision.


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ECONOMIC THINKING

A way of looking at and analyzing the way the world works by comparing the cost of an action with the benefit generated. The study of economics is the process of economic thinking about issues related to the scarcity problem.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"A pint of sweat saves a gallon of blood. "

-- General George Patton

NYCE
New York Cotton Exchange
A PEDestrian's Guide
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