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June 18, 2025 

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ENTRY BARRIERS: Institutional, government, technological, or economic restrictions on the entry of firms into a market or industry. The four primary barriers to entry are: resource ownership, patents and copyrights, government restrictions, and start-up costs. Barriers to entry are a key reason for market control and the inefficiency that this generates. In particular, monopoly, oligopoly, monopsony, and oligopsony often owe their market control to assorted barriers to entry. By way of contrast, perfect competition, monopolistic competition, and monopsonistic competition have few if any barriers to entry and thus little or no market control.

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INVESTMENT BUSINESS CYCLE: 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.

     See also | business cycle | investment | expansion | contraction | peak | trough | shortage | surplus | unemployment | inflation | building cycle | fiscal policy | monetary policy | stabilization policies | political business cycle | circular flow | unemployment | inflation |


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TOTAL FACTOR COST

The opportunity cost incurred when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.

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Today, you are likely to spend a great deal of time at a flea market looking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for cardboard boxes.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. "

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