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EURODOLLARS: Bank accounts denominated in U.S. dollars but held in banks outside of the United States. This is notable because banks typically maintain deposits in their domestic currency. Deposits in a German bank, for example, would be denominated in German marks. Originally Eurodollars were dollar deposits in European banks (hence the term "Eurodollars"). However, the notion of deposits held by a bank in currency other than that of the domestic economy has become a common practice around the world. Eurodollars are near monies added to M1 to obtain broader monetary aggregates, M2 and M3.

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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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PERSONAL INCOME

The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Personal income (PI) is one of three measures of income reported in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are national income (NI) and disposable income (DI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP). The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.

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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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