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PERFECT COMPETITION: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.
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BUSINESS A profit-motivated organization that combines resources for the production and supply of goods and services. The three primary types of legal organization for a business are proprietorship, partnership, or corporation. A business might theoretically find itself operating in an industry or market structured as perfect competition, monopolistic competition, oligopoly, or monopoly. Regardless of organization and industry structure, a business is generally motivated by the pursuit of profit.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Anyone who has never made a mistake has never tried anything new. " -- Albert Einstein, physicist
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SDR
Special Drawing Right
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