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PERFECT COMPETITION, FACTOR MARKET ANALYSIS: The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.
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SCARCE GOOD A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase scarce good can also commonly include intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for scarce good is economic good.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for telephone calls from former employers.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"Do not think a man has done his full duty when he has performed the work assigned him. A man will never rise if he does only this. Promotion comes from exceptional work. " -- Andrew Carnegie, industrialist
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BIS
Bank for International Settlements
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