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RESOURCE MARKET: A market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.

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PERFECT COMPETITION, REALISM

Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to one or two of the four key characteristics of perfect competition, none matches all four sufficiently that they can be declared PERFECTLY competitively. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.

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WHITE GULLIBON
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Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a pleather CD case or a how-to book on fine dining. Be on the lookout for defective microphones.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Whenever you fall, pick up something. "

-- Oswald Avery, scientist

LRD
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