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GOLD CERTIFICATE: Paper currency issued by the U. S. Treasury from the civil war until 1933 that could be exchanged for an equal value of gold. Gold certificates were used as part of a gold standard. With the exception of collectors, gold certificates have long been out of circulation, replaced first by silver certificates, then in the past few decades by Federal Reserve notes.

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Lesson 20: Oligopoly | Unit 1: Intro Page: 4 of 24

Topic: Structure And Behavior <=PAGE BACK | PAGE NEXT=>

  • Structure: The basic structure of oligopoly rests with a small number of relatively large firms.

  • The two key structural considerations of this characteristic are:

    • Concentration
    • Entry Barriers.

  • Behavior: Markets with a small number of large firms behave differently than monopoly with a single firm or monopolistic competition with a large number of small firms.

  • Some of the more noted behavioral traits include:

    • Interdependence
    • Price Rigidity
    • Nonprice Competition
    • Price Leadership
    • Collusion
    • Mergers


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AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

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Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for the last item on a shelf.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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