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MACROECONOMIC MARKETS: Three sets of markets that make up the macroeconomy--product, financial, and resource--which exchange the three primary types of macroeconomic commodities--gross production, legal claims, and factor services. The four macroeconomic sectors--household, business, government, and foreign--interact through these three sets of markets. The primary objective of macroeconomic theories is to explain activity that takes place in these three sets of markets.
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CONCENTRATION RATIOS A family of measures of the proportion of total output in an industry that is produced by a given number of the largest firms in the industry. The two most common concentration ratios are for the four largest firms and the eight largest firms. The four-firm concentration ratio is the proportion of total output produced by the four largest firms in the industry and the eight-firm concentration ratio is proportion of total output produced by the eight largest firms in the industry. Concentration ratios are commonly used to indicate the degree to which an industry is oligopolistic and the extent of market control of the largest firms in the industry. A related measure is the Herfindahl index.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at an auction trying to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"The moment you let avoiding failure become your motivator, you're down the path of inactivity. " -- Roberto Goizueta, Coca-Cola CEO
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