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Economics: Difference between revisions
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'''[[w:Total cost]]''' == '''[[w:fixed cost]]''' + '''[[w:variable cost]]s''' | '''[[w:Total cost]]''' == '''[[w:fixed cost]]''' + '''[[w:variable cost]]s''' | ||
A '''[[w:production function]]''' is a function that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs. ( Wikipedia ) | A '''[[w:production function]]''' ( [[w:fi:Tuotantofunktio]] ) is a function that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs. ( Wikipedia ) | ||
'''[[w:Marginal product of labor]]''' also known as MPL is the change in output that results from employing an added unit of labor.( Wikipedia ) | '''[[w:Marginal product of labor]]''' also known as MPL is the change in output that results from employing an added unit of labor.( Wikipedia ) | ||
'''[[w:Marginal cost]]''' is the change in total cost that arises when the quantity produced changes by one unit. That is, it is the cost of producing one more unit of a good. ( Wikipedia ) | '''[[w:Marginal cost]]''' ( [[w:fi:Rajakustannus]] ) is the change in total cost that arises when the quantity produced changes by one unit. That is, it is the cost of producing one more unit of a good. ( Wikipedia ) | ||
'''[[w:Average cost]]''' or '''unit cost''' is equal to total cost divided by the number of goods produced (the output quantity, Q). It is also equal to the sum of average variable costs (total variable costs divided by Q) plus average fixed costs (total fixed costs divided by Q). ( Wikipedia ) | '''[[w:Average cost]]''' or '''unit cost''' is equal to total cost divided by the number of goods produced (the output quantity, Q). It is also equal to the sum of average variable costs (total variable costs divided by Q) plus average fixed costs (total fixed costs divided by Q). ( Wikipedia ) | ||
'''[[w:Market structure]]''' is the number of [[firm]]s producing identical [[w:Product_(business)|products]] which are homogeneous. The types of market structures include the following: | '''[[w:Market structure]]''' is the number of [[firm]]s producing identical [[w:Product_(business)|products]] which are homogeneous. The types of market structures include the following: | ||
:* '''[[w:Monopolistic competition]]''', also called competitive market, where there is a large number of firms, each having a small proportion of the market share and slightly differentiated products. | :* '''[[w:Monopolistic competition]]''' ( [[w:fi:Monopolistinen kilpailu]] ) , also called competitive market, where there is a large number of firms, each having a small proportion of the market share and slightly differentiated products. | ||
:* '''[[w:Oligopoly]]''', in which a market is dominated by a small number of firms that together control the majority of the market share. | :* '''[[w:Oligopoly]]''' ( [[w:fi:Oligopoli]] ) , in which a market is dominated by a small number of firms that together control the majority of the market share. | ||
:** [[w:Duopoly]], a special case of an oligopoly with two firms. | :** [[w:Duopoly]], a special case of an oligopoly with two firms. | ||
:* [[w:Monopsony]], when there is only one buyer in a market. | :* [[w:Monopsony]], when there is only one buyer in a market. | ||
:* [[w:Oligopsony]], a market where many sellers can be present but meet only a few buyers. | :* [[w:Oligopsony]], a market where many sellers can be present but meet only a few buyers. | ||
:* '''[[w:Monopoly]]''', where there is only one provider of a product or service and '''[[w:Barriers to entry]]''' prohibit entering the market for other businesses. | :* '''[[w:Monopoly]]''' ( [[w:fi:Monopoli]] ) , where there is only one provider of a product or service and '''[[w:Barriers to entry]]''' prohibit entering the market for other businesses. | ||
:** [[w:Natural monopoly]], a monopoly in which [[w:economies of scale]] cause efficiency to increase continuously with the size of the firm. A firm is a natural monopoly if it is able to serve the entire market demand at a lower cost than any combination of two or more smaller, more specialized firms. | :** [[w:Natural monopoly]], a monopoly in which [[w:economies of scale]] cause efficiency to increase continuously with the size of the firm. A firm is a natural monopoly if it is able to serve the entire market demand at a lower cost than any combination of two or more smaller, more specialized firms. | ||
:* '''[[w:Perfect competition]]''', a theoretical market structure that features no [[w:barriers to entry]], an unlimited number of producers and consumers, and a perfectly elastic [[w:demand curve]]. | :* '''[[w:Perfect competition]]''', a theoretical market structure that features no [[w:barriers to entry]], an unlimited number of producers and consumers, and a perfectly elastic [[w:demand curve]]. | ||
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:::All definitions of market structure from Wikipedia article [[w:market structure]] | :::All definitions of market structure from Wikipedia article [[w:market structure]] | ||
The '''[[w:Herfindahl index]]''' (also known as Herfindahl–Hirschman Index, or HHI) is a measure of the size of firms in relation to the industry and an indicator of the amount of competition among them. ( Wikipedia ) | The '''[[w:Herfindahl index]]''' ( [[w:fi:Herfindahlin indeksi]] ) (also known as Herfindahl–Hirschman Index, or HHI) is a measure of the size of firms in relation to the industry and an indicator of the amount of competition among them. ( Wikipedia ) | ||
'''[[w:Game theory]]''' ( [[w:fi:Peliteoria]] ) is a study of strategic decision making. More formally, it is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers." | |||
== 2012-11-13 == | == 2012-11-13 == | ||