final vocabulary.txt

the ability to control, or at least affect, the terms and conditions

the equilibrium in a market where all buyers and sellers are price takers, unable individually to the price they pay or charge

the amount (zero) that is left over when revenues just meet the opportunity costs of supplying all resources, including an enrepreneur's capital and time

the amount by which revenues exceed opportunity costs

the allocation of resources to their most (market-) valued uses

the excess (summed over all the buyers in a market) of the amounts that buyers would be willing to pay for a good service, over the amounts that they actually pay

the excess (summed over all the sellers in a market) of the amounts sellers actually recieve, over the amounts that would make them just willing to supply the good or service

the loss in efficiency (measured in terms of producer and consumer surplus) that is said to arise if market transactions take place at other than the competitive market equilibrium level

the four traditional idealized types of market structure are perfect competition, pure monopoly, monopolistic competition, and oligopoly

economic, legal, or deliberate obstacles that keep new sellers from entering a market

a monopoly that arises because the minimum efficient scale of the producing unit is large relative to the total market demand

a firm's getting its suppliers or distributors to agree not to provide goods or services to potential competitiors

a powerful seller's temporarily pricing its goods or services below cost, in order to drive weaker competitors out of business

selling in foreign countries at prices that are below the firm's costs of production

a monopoly limited to a specific geographical area

a monopoly run under government supervision

a seller that can selling price, constrained only by demand conditions

The marginal revenue curve for a monopolist is downward-sloping

behavior directed toward getting transfers or favors

a seller's charging different prices to different buyers, depending on their ability and willingness to pay

competition through activities other than setting prices, such as advertising and location

the share of production, sales, or revenues attributable to the largest firms in an industry

a market with only two sellers

a table used in game theory to illustrate possible outcomes for each of two players, depending on the strategy that each chooses

a situation in which a firm cuts prices in order to try to undercut its rivals, and the rivals react by cutting prices even more

collusion that takes place without creation of a cartel

a form of collusion in which many sellers follow the price changes instituted by one particualr sellers

a form of collision in which many sellers follow the price changes instituted by one particular seller

the percentage of the adult, noninstitutionalized population who are either working at a paid job or seeking paid work

a pattern that arises because, beyond some level of wages, income effects may outweigh substitution effects in determining individuals' decisions about how much to work

knowledge and skills that workers can take with them as they move from employer to employer. it may be formed before starting a job or through on-the-job training

knowledge and skills that have been gained on a particular job and are useful only as long as a worker remains with the same employer

a theory of the value of an education that sugguests that an educational credential "signals" to an employer that potential worker has desired character traits and work habits

returns to factors that are in fixed supply

the case of one buyer

the situation in which there is only one buyer confronting only one seller

the case of few buyers

the theory that workers will be willing to acceot lower wages for jobs with better characteristics and will demand higher wages for jobs with unappealig characteristics, all else equal

the costs of inspecting and supervising work to make sure that the quanitity and quality of work accomplished meet standards set by the employer

the theory that n employer can motivate workers to put forth more effort by paying them somewhat more than what they could get elsewhere

the attitude of workers toward their work and their employer

historically determined patterns of relative wages among occupations. People ofen tend to think that deviationg from established wage contours is "unfair"

a situation in which "primary" workers enjoy high wages, opportunities for advancement, and job security, while "secondary" workers are hired with low wages, no opportunities for advancement, and no job security

a condition that exists when, among similarly qualified people, some are treated disadvantageously in employment on the basis of race, gender, age, sexual preference, or disability

the tendency of men and women to be employed in different occupations

the amount that a unit of additional labor contributes to the revenues of the firm

the amount that a unit of additional labor adds to the firm's costs

the monetized value of what an investor expects to get back, in the future, from making an investment

the value today of future streams of funds

as used by economists, a situation in which the exact outcome is unknown, but the chance of each possible outcome occuring is known

as used by economists, a situation where not only is the exact outcome unknown, but the range of outcomes and/or their probablities of occuring are also unknown

the rerunning of a calculation with a variety of different numbers, in order to analyze the outcome of a decision under varying assumptions

an increase in the value of an asset over time

investors' optimism or pessimism concerning future returns

the amount capital services contributes to the revenues of the firm

the amount that a unit of additional capital services adds to the firm's costs

If property rights are well defined, and there are no significant transactions costs, then market can efficiently allocate resources even in the presence of externalities

the value of the physical assets of firm, should it be dissoved and its assets sold separately

the accounting term for the premium that one company pays for another over and above the value of its physical assets. The premium for goodwill may represent advantages from specialized knowledge, effective organization, or other intangible assets

profits that a company keeps for its own uses

a financial instrument that, in return for the loan of funds, commits its seller to pay a fixed amount every year (called the coupn amount), as well as to repay the amount of principal (called the bond's face value) on particular date in the future (called the maturity date)

the amount a bond returns during a year, if held to maturity, expressed in oercentage terms. The yield is determined by the coupon amount, the bond price (the price at which trades are made), and the time to maturity. As yield rise in the rest of the bond market, the price od an existing fixed-coupon bond will fall, and vise versa

financial instruments that, in return for a payment, give buyers a claim to ownership in the company that issues them

payment in cash or extra shares paid out to sharehoolders

the sum of its dividends and any capital gains (or losses)

buying and selling assets with the expectation of profiting from appriciation or depreciation in asset values

stocks that are expected to return substantial capital gains

the situation that occurs when mutaully reinforcing investor optimism raises the value of a stock far above what could be justified by the actual assets and profitability of the firm

economic organizations such as pension funds and insurance companies that invest funds that have been placed in their care