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Small-numbers Game
An oligopoly () is a market in which pricing control lies in the hands of a few sellers. As a result of their significant market power, firms in oligopolistic markets can influence prices through manipulating the supply function. Firms in an oligopoly are mutually interdependent, as any action by one firm is expected to affect other firms in the market and evoke a reaction or consequential action. As a result, firms in oligopolistic markets often resort to collusion as means of maximising profits. Nonetheless, in the presence of fierce competition among market participants, oligopolies may develop without collusion. This is a situation similar to perfect competition, where oligopolists have their own market structure. In this situation, each company in the oligopoly has a large share in the industry and plays a pivotal, unique role. Many jurisdictions deem collusion to be illegal as it violates competition laws and is regarded as anti-competition behaviour. The EU competiti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oligarchy
Oligarchy (; ) is a form of government in which power rests with a small number of people. Members of this group, called oligarchs, generally hold usually hard, but sometimes soft power through nobility, fame, wealth, or education; or through corporate, religious, political, or military control. Throughout history, power structures considered to be oligarchies have often been viewed as coercive, relying on public obedience or oppression to exist. Aristotle pioneered the use of the term as meaning rule by the rich, contrasting it with aristocracy, arguing that oligarchy was a corruption of aristocracy. Types Minority rule The consolidation of power by a dominant minority, whether religious or ethnic, can be considered a form of oligarchy. Examples include South Africa during apartheid, Liberia under Americo-Liberians, the Sultanate of Zanzibar, and Rhodesia. In these cases, oligarchic rule was often tied to the legacy of colonialism. In the early 20th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electricity
Electricity is the set of physical phenomena associated with the presence and motion of matter possessing an electric charge. Electricity is related to magnetism, both being part of the phenomenon of electromagnetism, as described by Maxwell's equations. Common phenomena are related to electricity, including lightning, static electricity, electric heating, electric discharges and many others. The presence of either a positive or negative electric charge produces an electric field. The motion of electric charges is an electric current and produces a magnetic field. In most applications, Coulomb's law determines the force acting on an electric charge. Electric potential is the Work (physics), work done to move an electric charge from one point to another within an electric field, typically measured in volts. Electricity plays a central role in many modern technologies, serving in electric power where electric current is used to energise equipment, and in electronics dealing w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investment (macroeconomics)
In macroeconomics, investment "consists of the additions to the nation's capital stock of buildings, equipment, software, and inventories during a year" or, alternatively, investment spending — "spending on productive physical capital such as machinery and construction of buildings, and on changes to inventories — as part of total spending" on goods and services per year. Krugman, Paul and Robin Wells (2012), 2nd ed. ''Economics'', p. 593. Worth Publishers. "accounting" The types of investment include residential investment in housing that will provide a flow of housing services over an extended time, non-residential fixed investment in things such as new machinery or factories, human capital investment in workforce education, and inventory investment (the accumulation, intentional or unintentional, of goods inventories) In measures of national income and output, " gross investment" (represented by the variable ) is a component of gross domestic product (), given in the fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Primary Sector Of The Economy
The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, fishing, forestry and mining. The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries. For example, in 2018, agriculture, forestry, and fishing comprised more than 15% of GDP in sub-Saharan Africa but less than 1% of GDP in North America. In developed countries the primary sector has become more technologically advanced, enabling for example the mechanization of farming, as compared with lower-tech methods in poorer countries. More developed economies may invest additional capital in primary means of production: for example, in the United States corn belt, combine harvesters pick the corn, and sprayers spray large amounts of insecticides, herbicides and fungicide Fungicides are pesticides used to kill parasitic fungi or their spores. Fungi can cause serious d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rational Choice Theory
Rational choice modeling refers to the use of decision theory (the theory of rational choice) as a set of guidelines to help understand economic and social behavior. The theory tries to approximate, predict, or mathematically model human behavior by analyzing the behavior of a rational actor facing the same costs and benefits.Gary Browning, Abigail Halcli, Frank Webster (2000). ''Understanding Contemporary Society: Theories of the Present'', London: Sage Publications. Rational choice models are most closely associated with economics, where mathematical analysis of behavior is standard. However, they are widely used throughout the social sciences, and are commonly applied to cognitive science, criminology, political science, and sociology. Overview The basic premise of rational choice theory is that the decisions made by individual actors will collectively produce aggregate social behaviour. The theory also assumes that individuals have preferences out of available choice ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Infinity
Infinity is something which is boundless, endless, or larger than any natural number. It is denoted by \infty, called the infinity symbol. From the time of the Ancient Greek mathematics, ancient Greeks, the Infinity (philosophy), philosophical nature of infinity has been the subject of many discussions among philosophers. In the 17th century, with the introduction of the infinity symbol and the infinitesimal calculus, mathematicians began to work with infinite series and what some mathematicians (including Guillaume de l'Hôpital, l'Hôpital and Johann Bernoulli, Bernoulli) regarded as infinitely small quantities, but infinity continued to be associated with endless processes. As mathematicians struggled with the foundation of calculus, it remained unclear whether infinity could be considered as a number or Magnitude (mathematics), magnitude and, if so, how this could be done. At the end of the 19th century, Georg Cantor enlarged the mathematical study of infinity by studying ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elasticity (economics)
In economics, elasticity measures the responsiveness of one economic variable to a change in another. For example, if the price elasticity of the demand of a good is −2, then a 10% increase in price will cause the quantity demanded to fall by 20%. Elasticity in economics provides an understanding of changes in the behavior of the buyers and sellers with price changes. There are two types of elasticity for demand and supply, one is inelastic demand and supply and the other one is elastic demand and supply. Introduction The concept of price elasticity was first cited in an informal form in the book ''Principles of Economics (Marshall book), Principles of Economics'' published by the author Alfred Marshall in 1890. Subsequently, a major study of the price elasticity of supply and the price elasticity of demand for US products was undertaken by Joshua Levy and Trevor Pollock in the late 1960s. Elasticity is an important concept in neoclassical economic theory, and enables in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automotive Industry
The automotive industry comprises a wide range of company, companies and organizations involved in the design, Business development, development, manufacturing, marketing, selling, Maintenance, repairing, and Custom car, modification of motor vehicles. It is one of the world's largest industry (economics), industries by revenue (from 16% such as in France up to 40% in countries such as Slovakia). The word ''automotive'' comes from the Greek language, Greek ''autos'' (self), and Latin ''motivus'' (of motion), referring to any form of self-powered vehicle. This term, as proposed by Elmer Ambrose Sperry, Elmer Sperry (1860–1930), first came into use to describe automobiles in 1898. History The automotive industry began in the 1860s with hundreds of manufacturers pioneering the Brass Era car, horseless carriage. Early car manufacturing involved manual assembly by a human worker. The process evolved from engineers working on a stationary car to a conveyor belt system where the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paper Industry
The pulp and paper industry comprises companies that use wood, specifically pulpwood, as raw material and produce pulp, paper, paperboard, and other cellulose-based products. Manufacturing process In the manufacturing process, pulp is introduced into a paper machine where it is shaped into a paper web and water is extracted through pressing and drying stages. Pressing involves removing water from the sheet by applying force. This process employs a specialized type of felt, distinct from traditional felt, to absorb the water. In contrast, hand-made paper uses a blotter sheet for this purpose. Drying involves eliminating water from the paper sheets through air or heat. Historically, this was achieved by hanging the sheets to dry, similar to laundry. In modern papermaking, various heated drying mechanisms are employed, with the steam-heated can dryer being the most prevalent on paper machines. History Papermaking as a craft is ancient, and for centuries it used various fibers, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Beer
Beer is an alcoholic beverage produced by the brewing and fermentation of starches from cereal grain—most commonly malted barley, although wheat, maize (corn), rice, and oats are also used. The grain is mashed to convert starch in the grain to sugars, which dissolve in water to form wort. Fermentation of the wort by yeast produces ethanol and carbonation in the beer. Beer is one of the oldest and most widely consumed alcoholic drinks in the world, and one of the most popular of all drinks. Most modern beer is brewed with hops, which add bitterness and other flavours and act as a natural preservative and stabilising agent. Other flavouring agents, such as gruit, herbs, or fruits, may be included or used instead of hops. In commercial brewing, natural carbonation is often replaced with forced carbonation. Beer is distributed in bottles and cans, and is commonly available on draught in pubs and bars. The brewing industry is a global business, consisting of several ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sugar Refining
Sugar is the generic name for sweet-tasting, soluble carbohydrates, many of which are used in food. Simple sugars, also called monosaccharides, include glucose, fructose, and galactose. Compound sugars, also called disaccharides or double sugars, are molecules made of two bonded monosaccharides; common examples are sucrose (glucose + fructose), lactose (glucose + galactose), and maltose (two molecules of glucose). White sugar is almost pure sucrose. In the body, compound sugars are hydrolysed into simple sugars. Longer chains of monosaccharides (>2) are not regarded as sugars and are called oligosaccharides or polysaccharides. Starch is a glucose polymer found in plants, the most abundant source of energy in human food. Some other chemical substances, such as ethylene glycol, glycerol and sugar alcohols, may have a sweet taste but are not classified as sugar. Sugars are found in the tissues of most plants. Honey and fruits are abundant natural sources of s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Funeral Service
A funeral is a ceremony connected with the final disposition of a corpse, such as a burial or cremation, with the attendant observances. Funerary customs comprise the complex of beliefs and practices used by a culture to remember and respect the dead, from interment, to various monuments, prayers, and rituals undertaken in their honour. Customs vary between cultures and religious groups. Funerals have both normative and legal components. Common secular motivations for funerals include mourning the deceased, celebrating their life, and offering support and sympathy to the bereaved; additionally, funerals may have religious aspects that are intended to help the soul of the deceased reach the afterlife, resurrection or reincarnation. The funeral usually includes a ritual through which the corpse receives a final disposition. Depending on culture and religion, these can involve either the destruction of the body (for example, by cremation, sky burial, decomposition, disintegrati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
