|
|
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.
Visit the GLOSS*arama
|
|
|
|
|
CLOSED ECONOMY An economy that does not engage in international trade or other forms of interaction with other countries. That is, a closed economy neither exports goods and services to, nor imports goods and services from, other economies that make up its foreign sector. It is "closed" to the flow of goods and services into or out of the country. The alternative to a closed economy is an open economy, one that does engage in international trade.
Complete Entry | Visit the WEB*pedia |
|
|
GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for strangers with large satchels of used undergarments.
Your Complete Scope
This isn't me! What am I?
|
|
|
Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
|
|
|
"Be civil to all; sociable to many; familiar with few; friend to one; enemy to none. " -- Benjamin Franklin, statesman
|
|
ARP
Average Revenue Product
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
