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Monopsony
In economics, a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers. The microeconomic theory of monopsony assumes a single entity to have market power over all sellers as the only purchaser of a good or service. This is a similar power to that of a monopolist, which can influence the price for its buyers in a monopoly, where multiple buyers have only one seller of a good or service available to purchase from. History Monopsony theory was developed by economist Joan Robinson in her book ''The Economics of Imperfect Competition'' (1933). Economists use the term "monopsony power" in a manner similar to "monopoly power", as a shorthand reference for a scenario in which there is one dominant power in the buying relationship, so that power is able to set prices to maximize profits not subject to competitive constraints. Monopsony power exists when one buyer faces little ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minimum Wage
A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase the cost of labor, companies often try to avoid minimum wage laws by using gig workers, by moving labor to locations with lower or nonexistent minimum wages, or by automating job functions. The movement for minimum wages was first motivated as a way to stop the exploitation of workers in sweatshops, by employers who were thought to have unfair bargaining power over them. Over time, minimum wages came to be seen as a way to help lower-income families. Modern national laws enforcing compulsory union membership which prescribed minimum wages for their members were first passed in New Zealand in 1894. Although minimum wage laws are now in effect in many jurisdictions, differences of opinion exist about the benefit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joan Robinson
Joan Violet Robinson (''née'' Maurice; 31 October 1903 – 5 August 1983) was a British economist well known for her wide-ranging contributions to economic theory. She was a central figure in what became known as post-Keynesian economics. Biography Before leaving to fight in the Second Boer War, Joan's father, Frederick Maurice, married Margaret Helen Marsh, the daughter of Frederick Howard Marsh, and the sister of Edward Marsh, at St George's, Hanover Square. Joan Maurice was born in 1903, a year after her father's return from Africa. During World War II, Robinson worked on a few different Committees for the wartime national government. During this time, she visited the Soviet Union as well as China, gaining an interest in underdeveloped and developing nations. Robinson was a frequent visitor to Centre for Development Studies (CDS), Thiruvananthapuram, India. She was a visiting fellow at the Centre in the mid-1970s. She instituted an endowment fund to support public lec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Form
Market structure, in economics, depicts how firms are differentiated and categorised based on the types of goods they sell (homogeneous/heterogeneous) and how their operations are affected by external factors and elements. Market structure makes it easier to understand the characteristics of diverse markets. The main body of the market is composed of suppliers and demanders. Both parties are equal and indispensable. The market structure determines the price formation method of the market. Suppliers and Demanders (sellers and buyers) will aim to find a price that both parties can accept creating a equilibrium quantity. Market definition is an important issue for regulators facing changes in market structure, which needs to be determined. The relationship between buyers and sellers as the main body of the market includes three situations: the relationship between sellers (enterprises and enterprises), the relationship between buyers (enterprises or consumers) and the relationship be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Structure
Market structure, in economics, depicts how firms are differentiated and categorised based on the types of goods they sell (homogeneous/heterogeneous) and how their operations are affected by external factors and elements. Market structure makes it easier to understand the characteristics of diverse markets. The main body of the market is composed of suppliers and demanders. Both parties are equal and indispensable. The market structure determines the price formation method of the market. Suppliers and Demanders (sellers and buyers) will aim to find a price that both parties can accept creating a equilibrium quantity. Market definition is an important issue for regulators facing changes in market structure, which needs to be determined. The relationship between buyers and sellers as the main body of the market includes three situations: the relationship between sellers (enterprises and enterprises), the relationship between buyers (enterprises or consumers) and the relationship be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomics
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. Microeconomics also deal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oligopoly
An oligopoly (from Greek ὀλίγος, ''oligos'' "few" and πωλεῖν, ''polein'' "to sell") is a market structure in which a market or industry is dominated by a small number of large sellers or producers. Oligopolies often result from the desire to maximize profits, which can lead to collusion between companies. This reduces competition, increases prices for consumers, and lowers wages for employees. Many industries have been cited as oligopolistic, including civil aviation, electricity providers, the telecommunications sector, Rail freight markets, food processing, funeral services, sugar refining, beer making, pulp and paper making, and automobile manufacturing. Most countries have laws outlawing anti-competitive behavior. EU competition law prohibits anti-competitive practices such as price-fixing and manipulating market supply and trade among competitors. In the US, the United States Department of Justice Antitrust Division and the Federal Trade Commission are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Wheat Board
The Canadian Wheat Board (french: Commission canadienne du blé, links=no) was a marketing board for wheat and barley in Western Canada. Established by the Parliament of Canada on 5 July 1935, its operation was governed by the Canadian Wheat Board Act as a mandatory producer marketing system for wheat and barley in Alberta, Saskatchewan, Manitoba, and a small part of British Columbia. It was illegal for any farmer in areas under the CWB's jurisdiction to sell their wheat and barley through any other channel than the CWB. Although often called a monopoly, it was actually a monopsony since it was the only ''buyer'' of wheat and barley. It was a marketing agency acting on behalf of Western Canadian farmers, passing all profits from its operation back to farmers. Its market power over wheat and barley marketing was referred to as the "Single Desk". Amid criticism, the Canadian Wheat Board's Single Desk marketing power officially ended on 1 August 2012 as a result of Bill C-18, also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bilateral Monopoly
A bilateral monopoly is a market structure consisting of both a monopoly (a single seller) and a monopsony (a single buyer). Overview In a standard monopoly structure, the monopolist sells to multiple buyers with no market power, thereby giving the monopolist the power to set their own price and quantity to optimise their profits. The same power imbalance occurs in a monopsony where the monopsonist is the only buyer in a market of many sellers. Bargaining between buyers and sellers is in all essentials similar to bargaining between two people. So most of the conclusions of the bilateral monopoly theory hold whether or not the bargaining parties are monopolists in the strict sense of the word. As a result, the theory of bilateral monopoly and the theory of bargaining are identical. Furthermore, whether or not the negotiation parties are monopolists in the strict sense of the term, most of the implications of the bilateral monopoly theory hold true. Thus, the theory of bilateral mon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Captive Supply
Captive supply is a term for that part of the supply that is not owned by a company but is used by the company to maximize its own profits often at the unknowing expense of those who actually own those supplies. This is usually a characteristic of a market that is dominated by one firm or a few firms and implicit collusion between those firms. Often captive supply is called a beneficial market agreement by those controlling the supply but the actions of those controlling that supply reveal otherwise. Captive supply is used to subvert the natural forces of market price determination to accrue more economic benefits to those who control it. It circumvents the typically price-moderating market force of supply and demand by artificially restricting the supply. Example: American Bar Association Over Legal Industry. {{business-stub Business terms ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deadweight Loss
In economics, deadweight loss is the difference in production and consumption of any given product or service including government tax. The presence of deadweight loss is most commonly identified when the quantity produced ''relative'' to the amount consumed differs in regards to the optimal concentration of surplus. This difference in the amount reflects the quantity that is not being utilized or consumed and thus resulting in a ''loss''. This "deadweight loss" is therefore attributed to both, producers and consumers because neither one of them benefits from the surplus of the overall production. Deadweight loss can also be a measure of lost economic efficiency when the socially optimal quantity of a good or a service is not produced. Non-optimal production can be caused by monopoly pricing in the case of artificial scarcity, a positive or negative externality, a tax or subsidy, or a binding price ceiling or price floor such as a minimum wage. Examples Assume a market for na ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Imperfect Information
In economics, perfect information (sometimes referred to as "no hidden information") is a feature of perfect competition. With perfect information in a market, all consumers and producers have complete and instantaneous knowledge of all market prices, their own utility, and own cost functions. In game theory, a sequential game has perfect information if each player, when making any decision, is perfectly informed of all the events that have previously occurred, including the "initialization event" of the game (e.g. the starting hands of each player in a card game).Archived aGhostarchiveand thWayback Machine Perfect information defined at 0:25, with academic sources and . Perfect information is importantly different from complete information, which implies common knowledge of each player's utility functions, payoffs, strategies and "types". A game with perfect information may or may not have complete information. Games where some aspect of play is ''hidden'' from opponents - s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equal Pay Act 1970
The Equal Pay Act 1970 was an Act of the Parliament of the United Kingdom that prohibited any less favourable treatment between men and women in terms of pay and conditions of employment. The Act was proposed by the then Labour government, and was based on the Equal Pay Act of 1963 of the United States. It has now been mostly superseded by Part 5, chapter 3, of the Equality Act 2010. History In the 1964 general election, the Labour Party's manifesto had proposed a charter of rights including 'the right to equal pay for equal work'. September 1965 saw the Trades Union Congress resolving 'its support for the principles of equality of treatment and opportunity for women workers in industry, and calls upon the General Council to request the government to implement the promise of 'the right to equal pay for equal work' as set out in the Labour Party election manifesto'. However, there was no immediate action by either government or unions. Brian Harrison says polls in 1968–69 showed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
