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VOLUNTARY EXCHANGE: The process of willingly trading one item for another. The emphasis here is on "willingly." Voluntary exchanges are the heart and soul of market transactions, and should be contrasted with the "involuntary" exchanges mandated by government taxes, laws, and regulations. While involuntary government-forced exchanges play an important role in a mixed economy, economists really, really like voluntary market exchanges because they promote economic efficiency.
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Lesson 20: Oligopoly | Unit 1: Intro
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Page: 3 of 24
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Topic:
Real World Oligopoly
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- Real world markets are heavily populated by oligopoly.
- A few of the more important oligopoly markets are:
- Automobiles
- Computers
- Petroleum
- Tires
- Banking
- Long Distance
- Television
- Airlines
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INTEREST-RATE EFFECT A change in aggregate expenditures on real production, especially those made by the household and business sectors, that results because a change in the price level alters the interest rate which then affects the cost of borrowing. This is one of three effects underlying the negative slope of the aggregate demand curve associated with a movement along the aggregate demand curve and a change in aggregate expenditures. The other two are real-balance effect and net-export effect.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a coffee cup commemorating the first day of winter or a video game player. 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 average length of a "business lunch" is about 36 minutes.
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"Chance favors only the prepared mind." -- Louis Pasteur, biologist
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AACT
American Assocation of Commodity Traders
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