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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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INCOME EFFECT The change in quantity demanded that results because a change in the demand price of a good affects real income (that is, the purchasing power of income) even though nominal income remains the same. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the substitution effect.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for letters from the Internal Revenue Service.
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Al Capone's business card said he was a used furniture dealer.
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"An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive business advantage. " -- Jack Welch, General Electric chief executive
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BEA
Bureau of Economic Analisys
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