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ABSOLUTE POVERTY: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer relative poverty.
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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly
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Page: 24 of 24
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In this unit, you should have learned about:- A review of how monopoly control of selling side results in inefficiency with a high price an limited production.
- Bilateral monopoly as a factor market with a monopsony buyer and a monopoly seller.
- Differences between four marginal curves -- marginal revenue, marginal revenue product, marginal cost, and marginal factor cost.
- How bilateral monopoly reaches the factor price through negotiation between the monopsony buyer and the monopoly seller.
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GOVERNMENT EXPENDITURES Spending by the government sector including both the purchase of final goods and services, or gross domestic product, and transfer payments. Government expenditures are used by the government sector to undertake key functions, such as national defense and education. These expenditures are financed with a combination of taxes and borrowing.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a battery-powered, rechargeable vacuum cleaner or a remote controlled World War I bi-plane. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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FOMC
Federal Open Market Committee
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