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May 11, 2021 

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PAYMENT FLOW: In the circular flow, the clockwise transfer of money in payment 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 factor markets.

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MONOPOLY AND DEMAND: The demand for the output produced by a monopoly is THE market demand for the good. This should be compared with the demand facing a perfectly competitive firm. The demand curve for the output produced by a perfectly competitive firm is perfectly elastic, it is horizontal at the going market price. This is what makes a perfectly competitive firm a price taker. It must "take" whatever price is set in the overall market. Facing a downward-sloping demand curve, however, makes a monopoly a price maker. It has a great deal of control over the market and the market price. IT IS THE MARKET!

     See also | monopoly | demand | demand curve | law of demand | perfect competition | price maker | price taker | market control |


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TECHNOLOGY, AGGREGATE SUPPLY DETERMINANT

One of several specific aggregate supply determinants assumed constant when the short-run and long-run aggregate supply curves are constructed, and that shifts both aggregate supply curves when it changes. An increase in technology causes an increase (rightward shift) of both aggregate supply curves. A decrease in technology causes a decrease (leftward shift) of both aggregate supply curves. Other notable aggregate supply determinants include wages, energy prices, and the capital stock. Technology comes under the resource quality aggregate supply determinant.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for rusty deck screws.
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In the early 1900s around 300 automobile companies operated in the United States.
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