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INCOME EFFECT: One of two reasons for the law of demand and the negative slope of the market demand curve (the other is the substitution effect). The income effect results because a change in price gives buyers more real income, or the purchasing power of the income, even though money or nominal income remains the same. This causes changes in the quantity demanded of the good.
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Lesson 22: Factor Supply | Unit 3: Factor Supply
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Page: 14 of 25
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Topic:
Market Control Times Four
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- Remember the four market structures with varying degrees of control over the supply-side of the market.
- HOWEVER, the demand side is also subject to varying degrees of control.
- The terminology for these very similar to that for supply-side control.
- Monopsony
- Oligopsony
- Monopsonistic Competition
- Perfect Competition
- Market control on the buying side of factors markets need not be related to the degree of market control on the selling side of product markets.
- However, it's not unusual to find comparable market control in both output and input markets.
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LAISSEZ FAIRE The notion that government should not intervene into production, consumption, and exchange activities and that the private sector (households and businesses) should be free to make allocation decisions. Laissez faire is a French term that roughly translates into "allow to act." It has been the rallying cry for many people (primarily business leaders) who oppose government intervention, regulation, or even taxation since it was popularized in the late 1700s by Adam Smith in The Wealth of Nations.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market wanting to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for a thesaurus filled with typos.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better." -- Elizabeth Stuart Phelps, Writer
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RONA
Return on Net Assets
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