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OLIGOPOLY: A market structure dominated by a small number of large firms, selling either identical or differentiated products, and significant barriers to entry into the industry. This is one of four basic market structures. The other three are perfect competition, monopoly, and monopolistic competition.
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COST-PUSH INFLATION Inflation of the economy's average price induced by decreases in aggregate supply that result from increases in production cost. This type of inflation occurs when the cost of using any of the four factors of production (labor, capital, land, or entrepreneurship) increases such that aggregate supply cannot satisfy aggregate demand. The alternative type of inflation is demand-pull inflation.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for the last item on a shelf.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. " -- Pablo Picasso, artist
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IIPF
International Institute of Public Finance
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