Absolute Anime

Nyx wrote:Is anyone in/had taken and understood econ because I really really don't get it.

I have some knowledge of economics. When I was in A.P. Government, we discussed economics when it came to discuss the federal budget. Other than that, I have never taken a formal economics course.

But I do have Economics for Dummies.

I don't know too much, but click here.

>.> I also forgot to mention that when I was taking political science, we talked about two major economic theories: Keynesian economics and Friedrich Hayek's free-market capitalism. I like the Spark notes thing.

I took economics, although I'm not real sure how much I'd be able to remember. I took it a few years ago. If you have any specific questions, let me know.

I had Economics in my fourth year HS. It's easy, I just don't know if it's the same.

divinephoenix wrote:I had Economics in my fourth year HS. It's easy, I just don't know if it's the same.

It should be.

It's generally about studying the factors that influence the economy right?

If that's it.. I think it's the same^^

Nyx wrote:Is anyone in/had taken and understood econ because I really really don't get it.

I'm in Econ now and I understand it.

I'm taking Econ applied to tourism so it's pretty specific but I do get the basics...

Nyx wrote:What is the difference between an oligopoly and monolistic competion?

Here is what my book says.

"Facing Competition"

"Firms may or may not face a lot of competition from other firms. At one extreme lies monopoly, in which a firm faces no competition because it's the only firm in the industry. At the other extreme lies what economists call, perfect competition, a situation in which a firm competes against many other firms in an industry in which they produce an identical good. And in between the extremes lie two situations: oligopoly, where there are two, three or (at most) a few firms in an industry; and imperfect (monopolistic) competition, in which there are many competitors, but each produces a slightly unique good."

So, a oligopolistic competition would be where there are a few competitors, but each would produce a slightly identical good. (Or so I would assume).

Monopoly is derived from the Greek word, "monopolium" which means, "right of exclusive sale."

Oligarchy is derived from the Greek word, "oligos" which means, "small, few, little."

Perhaps this might help you to remember the words. Everytime I hear, oligarchy, (or anything of the sort) I tend to think of an olive. Olive : Oligarchy. Olives are small. So there you go. And for monopoly, think of: monopoly: monster. Since generally, monsters are huge.

I hope that helps.

Athos wrote:

Nyx wrote:What is the difference between an oligopoly and monolistic competion?

Here is what my book says.

"Facing Competition"

"Firms may or may not face a lot of competition from other firms. At one extreme lies monopoly, in which a firm faces no competition because it's the only firm in the industry. At the other extreme lies what economists call, perfect competition, a situation in which a firm competes against many other firms in an industry in which they produce an identical good. And in between the extremes lie two situations: oligopoly, where there are two, three or (at most) a few firms in an industry; and imperfect (monopolistic) competition, in which there are many competitors, but each produces a slightly unique good."

So, a oligopolistic competition would be where there are a few competitors, but each would produce a slightly identical good. (Or so I would assume).

Monopoly is derived from the Greek word, "monopolium" which means, "right of exclusive sale."

Oligarchy is derived from the Greek word, "oligos" which means, "small, few, little."

Perhaps this might help you to remember the words. Everytime I hear, oligarchy, (or anything of the sort) I tend to think of an olive. Olive : Oligarchy. Olives are small. So there you go. And for monopoly, think of: monopoly: monster. Since generally, monsters are huge.

I hope that helps.

I have something to add fi you don't mind.
An Oligopoly can be good, while an monoply is very bad.

shadow47 wrote:

Athos wrote:

Nyx wrote:What is the difference between an oligopoly and monolistic competion?

Here is what my book says.

"Facing Competition"

"Firms may or may not face a lot of competition from other firms. At one extreme lies monopoly, in which a firm faces no competition because it's the only firm in the industry. At the other extreme lies what economists call, perfect competition, a situation in which a firm competes against many other firms in an industry in which they produce an identical good. And in between the extremes lie two situations: oligopoly, where there are two, three or (at most) a few firms in an industry; and imperfect (monopolistic) competition, in which there are many competitors, but each produces a slightly unique good."

So, a oligopolistic competition would be where there are a few competitors, but each would produce a slightly identical good. (Or so I would assume).

Monopoly is derived from the Greek word, "monopolium" which means, "right of exclusive sale."

Oligarchy is derived from the Greek word, "oligos" which means, "small, few, little."

Perhaps this might help you to remember the words. Everytime I hear, oligarchy, (or anything of the sort) I tend to think of an olive. Olive : Oligarchy. Olives are small. So there you go. And for monopoly, think of: monopoly: monster. Since generally, monsters are huge.

I hope that helps.

I have something to add fi you don't mind.
An Oligopoly can be good, while an monoply is very bad.

XD Not at all. That is why when President Teddy Roosevelt was elected President in 1900, he went on a massive "trust-busting" spree. I believe it was over twenty monopolistic firm that he dissolved.

Ah, I love T.R. He is really what my idea of a Republican should be...