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MARKET STRUCTURE: The manner in which a market is organized, based largely on the number of firms in the industry. The four basic market structure models are: perfect competition, monopoly, monopolistic competition, and oligopoly. The primary difference between each is the number of firms on the supply side of a market. Both perfect competition and monopolistic competition have a large number of relatively small firms selling output. Oligopoly has a small number of relatively large firms. And monopoly has a single firm.
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PUBLIC UTILITY: The common term for a firm that provides and important (what some deem as essential) good or service primarily in and urban area and often through the use of an extensive distribution network. Common examples of public utilities are those that produce, provide, and/or distribute electricity, natural gas, local telephone services, cable television services, water, garbage collection, and sewage processing. A key feature is that capital requirements mean that public utilities tend to be natural monopolies. One firm can generally provide the services at a lower average cost that two or more firms. For this reason, public utilities tend to be either government owned and operated or heavily regulated by government. See also | natural monopoly | monopoly | average-cost pricing | marginal-cost pricing | regulation |
Recommended Citation:PUBLIC UTILITY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 25, 2024].
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CONFERENCE BOARD, THE A private, non-profit, global organization established in 1916 that collects and distributes economic data to assist consumers, business leaders, and government policy makers in their economic decisions. The Conference Board is responsible for compiling the leading, coincident, and lagging economic indicators that are used to track business-cycle activity as well as the widely publicized Consumer Confidence Index. The Conference Board also convenes numerous conferences each year that provide forums to discuss and analyze pressing economic issues.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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BVAR
Bayesian VAR (Vector Autoregression)
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