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ZERO-SUM GAME: A situation in which a fixed amount is divided up among the winners and losers. In a zero-sum game the wins equal the losses. Many stock market, or financial market, exchanges are zero-sum. One person buys low and sells high, while another buys high and sells low. The wealth in such transactions are merely transferred from one person to another. "Productive" market transactions, in contrast, are not zero-sum. The act of producing goods and services from resources that are consumed to satisfy wants and needs results in a net gain to society.
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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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VALUE ADDED The increase in the value of a good at each stage of the production process. The "value" part of this phrase means the ability of a good to satisfy wants and needs either directly as a consumption good or indirectly as a capital good. The "added" part means that resources have transformed the good in the course of production, to make it more valuable. A good that provides greater satisfaction has greater value.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for broken fingernail clippers.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"A stumble may prevent a fall. " -- Margaret Thatcher, British prime minister
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NI
National Income, Net Income
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