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BILATERAL MONOPOLY, FACTOR MARKET ANALYSIS: The analysis of a factor market characterized by monopsony dominating the buying side and monopoly dominating the selling side indicates that the factor price and quantity exchanged depends on the negotiating power of each side. Ironically, the factor price is likely to be closer to the efficient price achieved with perfect competition than that achieved individually by either monopsony or monopoly.
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SECOND ESTATE Another term for the business sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, consumers as the third estate, and journalists as the fourth estate.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"We may affirm absolutely that nothing great in the world has been accomplished without passion." -- Hegel
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GSP
Gross State Product, Generalized System of Preferences
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