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T-ACCOUNT: A handy little diagram used to illustrate changes in the assets and liabilities of a bank's balance sheet. A T-account, so named because or its perpendicular lines that look like a T, represents changes in assets on the left and changes in liabilities and net worth on the right.
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COLLUSION PRODUCTION ANALYSIS To avoid competition, oligopolistic firms are occasionally inclined to cooperate through collusion. Collusion occurs when two or more oligopolistic firms jointly agree to control market prices and quantity and to generally act like a monopoly. Colluding firms set a price and produce a quantity that maximizes industry-wide economic profit, the same price and quantity that would be selected by a profit-maximizing monopoly. Once the industry-wide price and production are determined, each individual firm produces the quantity of output that equates the marginal cost of the firm to the marginal revenue for the industry.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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EFTS
Electronic Fund Transfer Systems
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