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LEGAL CLAIMS: Ownership of the physical goods, services, and resources that make up the real side of the economy. Legal claims are a key feature of the paper, or financial side of the economy. Transferring legal claims is the primary method of diverting income from household saving to investment and government borrowing. Legal-claim buyers loan income and legal-claim sellers borrower income.
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Lesson 20: Oligopoly | Unit 1: Intro
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Page: 5 of 24
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In this unit, you should have learned about:- Oligopoly as a market structure characterized by a large number of relatively small firms, each of which possesses significant market control.
- That oligopoly markets are noted for practising competition among the few, having significant entry barriers, and are inefficient enough to prompt government intervention.
- That oligopoly lies close to monopoly on the market structure spectrum, but that there is no clear-cut dividing line between oligopoly and monopolistic competition.
- A few of the real world oligopoly markets, including automobile, computers, petroleum, tires, banking, long distance, television, and airlines.
- Two key structural characteristics of oligopoly -- concentration and entry barriers.
- Six key behavioral characteristics of oligopoly -- interdependence, price rigidity, nonprice competition, price leadership, collusion, mergers.
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NATURAL SELECTION The notion that firms best suited to the economic environment on the ones that tend to survive. The natural selection of business firms is an adaptation of the biological process of natural selection, in which biological entities best suited to the natural environment are the ones that survive. The concept of economic natural selection is aimed primarily at the profit-maximization assumption. Although firms might not seek to maximize profit on a day-to-day basis, those that come closest (intentionally or unintentionally) are the ones that remain in business.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for attractive cable television service repair people.
Your Complete Scope
This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Whenever you see a successful business, someone once made a courageous decision." -- Peter F. Drucker, business strategist
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CLADR
Class Life Asset Depreciation Range
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