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DOMINANT FIRM: A term employed in industrial organization to describe a firm that is a price maker and faces little competition from smaller price taking firms, called fringe firms. A firm can become a dominant firm because it has lower costs than fringe firms, because they have a superior differentiated product in the market or because a group of firms collectively act as a single firm. A dominant firm usually has a large market share.
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SHORTAGE A condition in the market in which the quantity demanded is greater than the quantity supplied at the existing price. Because buyers are unable to buy as much of the good as they want, a shortage generally causes an increase in the market price, which then acts to restore equilibrium. A shortage, which also goes by the terms excess demand and sellers' market, is one of two basic states of disequilibrium for the market. The other is surplus.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for telephone calls from former employers.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"When one door closes another door opens; but we do often look so long and so regretfully upon the closed door, that we do not see the ones which open for us. " -- Alexander Graham Bell, inventor
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OAPEC
Organization of Arab Petroleum Exporting Countries
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