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LEAKAGE LINE: A line used in the injection-leakage model representing the relation between non-consumption uses of income (that is, leakages) and national income. The three leakages are saving, taxes, and imports. The foundation of the leakages line is the saving line, which is then enhanced by adding taxes and imports. The other part of the injection-leakage model is a line representing injections. The intersection of the injection and leakage lines identifies equilibrium aggregate output, or Keynesian equilibrium.
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Lesson 20: Oligopoly | Unit 2: Structure
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Page: 6 of 24
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- It's quite useful to identify or measure the degree of concentration in an oligopoly market. This is generally accomplished in one of three ways.
- Market Share: The simplest measure of concentration is the share of the market held by one or more firms in the industry.
- Concentration Ratio: This measure of concentration combines the market shares for the largest number of firms in an industry to indicate the degree of market concentration.
- Herfindahl Index: The Herfindahl index includes the market shares of all firms in the market.
- Consideration and analysis of concentration using either of these three measures is really only relevant for oligopoly.
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ABSOLUTE ADVANTAGE The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for malfunctioning pocket calculators.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"A stumble may prevent a fall. " -- Margaret Thatcher, British prime minister
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