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In economics, the theory of contestable markets, associated primarily with its 1982 proponent William J. Baumol, held that there are markets served by a small number of firms that are nevertheless characterized by competitive equilibrium, and therefore desirable welfare outcomes, because of the existence of potential short-term entrants.
The cobweb model or cobweb theory is an economic model that explains why prices may be subjected to periodic fluctuations in certain types of markets.It describes cyclical supply and demand in a market where the amount produced must be chosen before prices are observed.
The functioning of the free-market economic system is represented with firms and households and interaction back and forth. [ 2 ] The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money , goods and services , etc. between economic agents .
A good's price elasticity of demand (, PED) is a measure of how sensitive the quantity demanded is to its price.When the price rises, quantity demanded falls for almost any good (law of demand), but it falls more for some than for others.
John Anthony David Sloman (born 26 April 1957) is a Welsh singer and musician, best known as the lead vocalist for Welsh band Lone Star during 1977/78 and classic rockers Uriah Heep from 1979 to 1981, as well as briefly recording with hard rock band UFO [2] in 1980 and Irish guitarist Gary Moore's band.
Signs of cooling inflation paved the way for September’s first rate cut in four years, with economic data indicating a continued decline from a peak of 9.1% in June 2022 to rates that have ...
The U.S. Congressional Budget Office discussed sectoral balances in its August 2018 economic outlook: "For example, the unique pattern of the balances in the early years of this century reflected increased borrowing by households and businesses that later proved to be unsustainable. Starting with the recession of 2001 and continuing through the ...
The visible trade balance (merchandise trade balance) is that part of the balance of trade figures that refers to international trade in physical goods, but not trade in services; it thus contrasts with the invisible balance.