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ENTRY BARRIER: An institutional, government, technological, or economic restriction on the entry of firms into a market or industry. The four primary barriers to entry are: resource ownership, patents and copyrights, government restrictions, and start-up costs. Barriers to entry are a key reason for market control and the inefficiency that this generates. In particular, monopoly, oligopoly, monopsony, and oligopsony often owe their market control to assorted barriers to entry. By way of contrast, perfect competition, monopolistic competition, and monopsonistic competition have few if any barriers to entry and thus little or no market control.
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STAR TREK SCARCITY A science-fiction phenomenon that emerged in the second half of the 20th century, which not only entertained millions of fans worldwide for decades, but also can be used to illustrate important economic concepts such as scarcity.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for small children selling products door-to-door.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Success doesn't come to you . . . you go to it " -- Marva Collins, Educator
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AID
Agency for International Development
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