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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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PROCESS INNOVATION An innovation that is an improvement in an existing product, technology, or idea or an improvement in the way a product, technology, or idea is produced. The contrast is with a product innovation, which is an innovation of a new product, technology, or idea that generates a beneficial improvement in society and the economy; one that is fundamentally different from existing products, technologies, or ideas.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for telephone calls from former employers.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"It has been my philosophy of life that difficulties vanish when faced boldly. " -- Isaac Asimov
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AR(N)
A nth-order Autoregressive Process
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