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FACTOR ACCUMULATION: An increase in the quantity of the four basic factors used to produce goods and services in the economy--labor, capital, land, and entrepreneurship. Increases in these "factors of production" enable an economy to produce more goods and services and therefore the long-run expansion of the economy's ability to produce output--that is, economic growth. Economic growth however, is made possible not only by increasing the quantity of the economy's resources, but also by increasing their quality.
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CONCENTRATION RATIOS A family of measures of the proportion of total output in an industry that is produced by a given number of the largest firms in the industry. The two most common concentration ratios are for the four largest firms and the eight largest firms. The four-firm concentration ratio is the proportion of total output produced by the four largest firms in the industry and the eight-firm concentration ratio is proportion of total output produced by the eight largest firms in the industry. Concentration ratios are commonly used to indicate the degree to which an industry is oligopolistic and the extent of market control of the largest firms in the industry. A related measure is the Herfindahl index.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store seeking 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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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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APC
Average Propensity to Consume
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