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G-8: The common abbreviation for the Group of Eight, which includes the seven of the most advanced and industrialized nations of the world known as the G-7--the United States, Britain, France, Italy, Canada, Germany, and Japan--plus Russia. That is, the G-8 is the G-7 plus Russia, which effectively replaced the G-7 in 1998. They meet regularly to coordinate fiscal and monetary policies. Their actions are based on the proposition that our global economy and the individual countries are better off through cooperation than conflict.

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Lesson 20: Oligopoly | Unit 2: Structure Page: 7 of 24

Topic: Concentration Ratios <=PAGE BACK | PAGE NEXT=>

  • The most popular measure (or measures) of concentration has (have) been the concentration ratio.

  • A quick definition:

  • A concentration ratio is the proportion of total output in an industry that's produced by a given number of the largest firms in the industry.
  • The two most common concentration ratios are the 4-firm concentration ratio and 8-firm concentration ratio.

  • In general concentration ratios range for a low of 0% to a high of 100%.

  • A ratio of 0% indicates perfect competition and 100% ratio indicates total market control by the given number of firms use for the calculation


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ECONOMIST

A person who specializes in economics, especially through the study of economic theories and the accumulated body of economic knowledge. Economists spend their working lives at universities, colleges, government agencies, banks, insurance companies, and multinational corporations. They study economic events, analyze government policies, undertake scientific investigations, and of course pass along economic information to eager students and others seeking enlightenment.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for telephone calls from long-lost relatives.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored."

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General Agreement on Trade in Services
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