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L: This has two common uses. One is as the standard abbreviation for the quantity of labor, especially for the analysis of production. The complementary representations for other inputs are "K" for capital and "N" for population. The second is as the broadest monetary aggregate for the U.S. economy tracked by the Federal Reserve System, best thought of as total liquid assets. It was since be discontinued. In it's heyday, it was comprised of everything in M3 plus other liquid assets, including U.S. Treasury bills, commercial paper, and savings bonds. L was typically 15 to percent higher than M3 and seven times as much as M1. The Federal Reserve System discontinued this measurement in 1998.

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Lesson 23: Factor Market Equilibrium | Unit 1: Intro Page: 4 of 24

Topic: Competition <=PAGE BACK | PAGE NEXT=>

  • The notion of competition.

  • Competition is the actions of two or more rivals in pursuit of the same objective. In the context of markets, the specific objective is competition among suppliers to sell goods to buyers or alternatively competition among demanders to buy goods from sellers.
  • The extent of competition in a factor market, like any market, depends on the relative number of participants.

  • The primary product of limited competition is, of course, market control.


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EASY MONEY

A general condition of the economy in which money is relatively abundant and plentiful. In modern times, this condition arises when the monetary authority (Federal Reserve System) undertakes expansionary monetary policy. With easy money, interest rates are generally lower, but inflation tends to creep higher. The alternative to easy money is tight money.

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Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for jovial bank tellers.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing."

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