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ECONOMIC GROWTH, PRODUCTION POSSIBILITIES: Economic growth is the process of increasing the economy's ability to produce goods and services. It is achieved by increasing the quantity or quality of resources. This process can be illustrated as an outward shift of the production possibilities curve.

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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control Page: 11 of 24

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • A review of market control from the selling side, including the four market structures -- perfect competition, monopolistic competition, oligopoly, and monopoly.
  • How markets can also be controlled from the buying side resulting in the four market structures of perfect competition, monopsonistic competition, oligopsony, and monopsony.
  • Why market control on the buying side is more important to factor markets.
  • Monopsony, which is a market structure with a single buyer.
  • Monopsonistic competition, which is a marker structure with a large number of relatively small buyers.
  • Oligopsony, which is a marker structure with a small number of relatively large buyers.


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LAGGING ECONOMIC INDICATORS

Seven economic statistics that tend to move up or down a few months AFTER business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points about three to twelve months after they occur. Lagging economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are coincident economic indicators and leading economic indicators.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses."

-- Johannes Kepler, German Astronomer

ACIR
Advisory Council on Intergovernmental Relations
A PEDestrian's Guide
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