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DEBTOR NATION: A nation that owes more to foreign governments, businesses, and consumers than foreigners owe to domestic governments, businesses, and consumers. The United States, having been a creditor nation for many decades, has now achieved the status of debtor nation. This sort of thing happens when exports are less than imports, creating a deficit in the current account of the balance of payments and thus a surplus in the capital account.

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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control Page: 10 of 24

Topic: Imperfect Competition <=PAGE BACK | PAGE NEXT=>

  • A review of the two remaining market structure options -- monopsonistic competition and oligopsony.

  • Monopsonistic competition is a market structure characterized by a large number of small buyers, that purchase similar but not identical inputs, have relative freedom of entry into and exit out of the industry, and extensive knowledge of prices and technology.
  • Oligopsony is a market structure dominated by a small number of large buyers controlling the buying-side of a market.
  • Both are somewhat obscure and seldom discussed buying counterparts to monopolistic competition and oligopoly sellers.


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ALLOCATIVE EFFICIENCY

Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.

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Today, you are likely to spend a great deal of time watching infomercials seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for crowded shopping malls.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"The time to repair the roof is when the sun is shining."

-- John F. Kennedy, 35th U. S. president

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