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AGGREGATION: The process of adding up, summing, or otherwise identifying the total value of a variable or measure, especially when used in the study of macroeconomics. Common items that are aggregated are demand, supply, and expenditures on gross domestic product, which result in aggregate demand, aggregate supply, and aggregate expenditures.

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Lesson 20: Oligopoly | Unit 2: Structure Page: 9 of 24

Topic: Entry Barriers <=PAGE BACK | PAGE NEXT=>

  • The structure of most oligopoly markets is characterized by entry barriers.

  • A definition:

  • Entry barriers are natural or artificial restrictions on the movement of resources into an industry which limits the number of competitors.
  • The prime entry barriers are:

    • Start-up Cost
    • Resource Ownership
    • Decreasing Average Cost
    • Government Authorization
    • Trade Restrictions

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STATISTICAL DISCREPANCY

The official adjustment factor in the National Income and Product Accounts that ensures equality between the income and expenditures approaches to measuring gross domestic product. This is one of several differences between national income (the resource cost of production) and gross (and net) domestic product (the market value of production). It is also the key difference between gross domestic income and gross domestic product. This statistical discrepancy tends to be relatively small, usually less than 1 percent of gross domestic product.

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Today, you are likely to spend a great deal of time at an auction wanting to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for slow moving vehicles with darkened windows.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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