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HHI: The common abbreviation for the Herfindahl-Hirshman index (or the Herfindahl index), which is a measure of concentration of the production in an industry that's calculated as the sum of the squares of market shares for each firm. This is an alternative method of summarizing the degree to which an industry is oligopolistic and the relative concentration of market power held by the largest firms in the industry. The Herfindahl index gives a better indication of the relative market control of the largest firms than can be found with the four-firm and eight-firm concentration ratios.

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Lesson 21: Factor Demand | Unit 4: Determinants Page: 20 of 24

Topic: Other Prices <=PAGE BACK | PAGE NEXT=>

  • Some factors of production work in a substitute arrangement for production and others have a complement relation.

  • A few examples:

    • Substitutes
    • Complements

  • Price changes substitute and complement factors affect factor demand in opposite ways:

    • Increase In Substitute Price: An increase in the price of a substitute factor causes an increase in factor demand and a rightward shift of the factor demand curve.

    • Increase In Complement Price: An increase in the price of a complement factor causes a decrease in factor demand and a leftward shift of the factor demand curve.


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PRIVATIZATION

The process of converting or "selling off" government-owned assets, properties, or production activities to private ownership. Privatization is usually undertaken either to generate revenue for the government or as part of an overall laissez faire approach to the economy.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a set of hubcaps or handcrafted decorations to hang on your walls. Be on the lookout for small children selling products door-to-door.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Time is the scarcest resource, and unless it is managed nothing else can be managed."

-- Peter F. Drucker

KCBT
Kansas City Board of Trade
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