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ECONOMIC PROFIT: The difference between business revenue and total opportunity cost. This is the revenue received by a business over and above the minimum needed to produce a good. In this sense, economic profit is a sign of inefficiency. If a business receives an economic profit, then society (the buyers) are spending more on a good than society (the resource owners) are giving up to produce the good.

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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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INCOME EARNED BUT NOT RECEIVED

The three types of income earned but not received (IEBNR) by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. IEBNR is subtracted from national income to calculate personal income.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for infected paper cuts.
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In the early 1900s around 300 automobile companies operated in the United States.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

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