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ALLOCATION: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity. An allocation is efficient if the resources, goods, and services are distributed according to the economy's highest valued uses.
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Lesson 20: Oligopoly | Unit 5: Evaluation
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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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AGGREGATE SUPPLY SHIFTS Changes in the aggregate supply determinants shift both the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. There are two options--an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource price shifts one or both of the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource price shifts one or both of the aggregate supply curves to left.
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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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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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IRS
Internal Revenue Service
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