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IMPERFECT COMPETITION: Any markets or industries that do not match the criteria for perfect competition. The key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology. These four characteristics are essentially impossible to match in the real world.
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STANDARD OF DEFERRED PAYMENT The money function in which money is used as a standard benchmark for specifying future payments for current purchases, that is, buying now and paying later. This function may seem obscure, but it is a direct result of the store of value and unit of account functions. This is one of four basic functions of money. The other three are medium of exchange, unit of account, and store of value.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a stretchable, flexible watch band or high-gloss photo paper that works with your printer. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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SEC
Securities and Exchange Commision
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