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JAWBONING: The use of verbal encouragement or discouragement by political leaders or other influential people to achieve particular results. This term was coined in reference to actions by President Lyndon Johnson in the 1960s. It is essentially an attempt by the President or other influential leaders to change public sentiment and move the economy in a particular direction without implementing or waiting for the results of formal economic policies. This also goes by the term moral suasion.

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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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EXCHANGE RATE

The price of the currency of one country stated in terms of the currency of another country, that is, the rate of exchange of one currency for another. Exchange rates, also termed foreign exchange rates, are prices determined in foreign exchange markets that are set up to trade the currencies of different nations (foreign exchange). In general, exchange rates reflect the overall health, vitality, and productivity of a nation's economy. However, because exchange rates also affect international trade (exports and imports) among nations they are often subject to governmental policy control.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for a thesaurus filled with typos.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"Believe and act as if it were impossible to fail."

-- Charles F. Kettering

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