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COLLUSION: A usually secret agreement among competing firms (mostly oligopolistic firms) in an industry to control the market, raise the market price, and otherwise act like a monopoly. The reason for the secrecy is that such behavior is illegal in the United States under antitrust laws. Collusion is a characteristic trait of oligopolistic industries. Intense competition and interdependent decision-making encourages oligopolistic firms to cooperate. One way to lessen the competition among an oligopolistic rival is to join forces through collusion. (The other way is through merger, but that's another entry.)

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 15 of 24

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

We can use production possibilities to illustrate unemployment, too.
  • Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services.
  • Unemployment is interpreted as any bundle that places the economy INSIDE the production possibilities curve.
  • With unemployment we don't get as much production as with full employment.
  • Unemployment is as any bundle, such as L, inside the curve.
  • M is not attainable.
  • Unemployment applies to all types of resources.

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BALANCE OF TRADE SURPLUS

The positive difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade surplus is the official term for positive net exports that occurs when exports exceed imports. A balance of trade surplus is also termed a "favorable" balance of trade because it results in a net inflow of monetary payments into the domestic economic from the foreign sector, which tends to be beneficial to a country. The alternative is a balance of trade deficit in which imports exceed exports.

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Today, you are likely to spend a great deal of time searching for rummage sales seeking 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 letters from the Internal Revenue Service.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing."

-- William A. Ward

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