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INDUSTRY: A collection of firms that produce similar products sold in the same market. The concept of industry is most often used synonymously with market in most microeconomic analysis. That is, the study of perfect competition or oligopoly is not only the study of market structures, but also the study of industrial structure.
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ASSUMPTIONS, CLASSICAL ECONOMICS Classical economics, especially as directed toward macroeconomics, relies on three key assumptions--flexible prices, Say's law, and saving-investment equality. Flexible prices ensure that markets adjust to equilibrium and eliminate shortages and surpluses. Say's law states that supply creates its own demand and means that enough income is generated by production to purchase the resulting production. The saving-investment equality ensures that any income leaked from consumption into saving is replaced by an equal amount of investment. Although of questionable realism, these three assumptions imply that the economy would operate at full employment.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either one of those "hang in there" kitty cat posters or a velvet painting of Elvis Presley. Be on the lookout for pencil sharpeners with an attitude.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Don't be afraid of the space between your dreams and reality. If you can dream it, you can make it so." -- Belva Davis, Journalist
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IIP
Index of Industrial Production
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