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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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PAYMENT FLOW

In the circular flow, the transfer of money in payment in exchange for the counter-clockwise physical flow of goods and services. The payment flow is the monetary payment for goods and services received by the household sector from the business sector through product markets and the monetary payment for resource services obtained by the business sector from the household sector through resource markets. The payment flow is usually illustrated as a clockwise flow for a model with the product markets at the top, resource markets at the bottom, household sector at the left, and business sector at the left. The physical flow moves in the opposite direction.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for the last item on a shelf.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think."

-- Horace, Ancient Roman poet

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