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FACTOR MARKET, EFFICIENCY: A factor market achieves efficiency in the allocation of resources by equating marginal revenue product to factor price. Perfect competition, as the efficiency benchmark, is the only market structure to satisfy this criterion and achieve factor market efficiency. Monopsony, oligopsony, and monopsonistic competition are inefficient because they equate marginal revenue product to marginal factor cost, both of which are greater than factor price.
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MONETARY AGGREGATES Any of three basic measures of money, and related liquid assets, for the economy that are tracked and reported by the Federal Reserve System. They are designated M1, M2, and M3, with higher numbers containing a wider variety of assets. The smallest, M1, is used as THE medium of exchange in the economy. However, M2 provides savings that are easily converted to M1 and is considered by many as the best measure of liquid, spendable assets.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"No task is a long one but the task on which one dare not start: It becomes a nightmare. " -- Charles Baudelaire, poet-critic
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TGE
Tokyo Grain Exchange (Japan)
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