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REALISM OF MONOPOLY: If taken to the extreme, monopoly, like perfect competition is an ideal market structure that does not actually exist in the real world. In the extreme, a "pure" monopoly is a market containing one and only ONE seller of good, a good with absolutely, positively no substitutes. The product is absolutely, certifiably unique. It's not just that it has no CLOSE substitutes, it has NO substitutes. Period. End of story. In the real world, however, every product, no matter how seemingly unique it might appear, has substitutes. The substitutes might not be very close. They might be really, really bad substitutes. But they are substitutes. As such, there are no pure monopolies in the real world.

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Lesson 3: Scarcity | Unit 2: Resources Page: 4 of 17

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

Factors of production, productive factors, or resources are the 'stuff' used to create wants-and-needs-satisfying goods.

Economists have four official groups, or categories, for our resources, for our factors of production:

  • Labor: human effort, both physical and mental.
  • Capital: machines, equipment, tools, and buildings.
  • Land: raw materials or natural resources.
  • Entrepreneurship: risk-taking organizers of production.

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INVESTMENT BUSINESS CYCLES

The notion that business cycles are caused by changes in business sector investment expenditures triggered by the natural ebb and flow of market conditions. This investment explanation of business-cycle instability rests on the proposition that the seeds of each subsequent business-cycle phase are planted during the current phase. An expansion creates the conditions that cause a contraction and a contraction creates the conditions that cause an expansion. This explanation suggests a critical role for government intervention and stabilization policies to correct the business-cycle problems of inflation and unemployment.

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RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"He who has a „why¾ to live can bear with almost any „how.""

-- Friedrich Nietzsche, Philosopher

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