econlife on ‘Businesses’

Formally called the theory of the firm, the business category focuses on ownership, production and competition. Our goal is to understand business behavior. For ownership, topics include the corporation and sole proprietorships. For production, the focus involves maximizing profits. With competition, topics relate to a continuum that spans the 4 basic market structures: perfect competition, monopolistic competition, oligopoly and monopoly.

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    A Bow Tie Patent

    Sep 5, 10 • 116 Views • Businesses, Innovation, RegulationNo Comments

    Having said that jackets and dresses cannot be patented or copyrighted, I was fascinated to learn that a bow tie once had one. During the 1950s, the clothing retailer Brooks Brothers had patented their bow tie technology. A recent WSJ article referred to the...

  • A Price Ceiling Has Unintended Consequences

    The Minimum Wage Debate

    Sep 4, 10 • 90 Views • Businesses, Demand, Supply, and Markets, Economic Debates, Economic History, Labor, Macroeconomic Measurement4 Comments

    Should we like a higher minimum wage? With the release of 9.6% as the August, 2010 unemployment number, I thought about the minimum wage debate. The teenage unemployment rate is 26.3%. In 2007, Congress increased a $5.15 minimum wage in three stages. On July...

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    Female Earning Power

    Sep 3, 10 • 111 Views • Businesses, Gender gap, Households, Labor2 Comments

    Which women earn more than men? If you are female, in your 20s, childless, unmarrried, live in a city, and a college graduate, there is a good chance that you earn more than a man in your peer group. You also represent a major change in what women earn. For...

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    Double Dipping

    Aug 28, 10 • 102 Views • Businesses, Economic Debates, Government, Households, Labor, Macroeconomic MeasurementNo Comments

    For a smile, you might want to watch Merle Hazard’s “Double Dippin’” song. As the Guardian points out, also look for the fun trivia such as a small background picture of mathematician Benoit Mandelbrot. No one was smiling, though in...

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    Pricing Airline Tickets

    Aug 27, 10 • 114 Views • Businesses, Demand, Supply, and Markets, Economic HistoryNo Comments

    During the 1970s, a ticket to fly between New York and Washington, D.C. cost $50 whereas one between Los Angeles and San Francisco-almost twice the distance-cost only $40.  Why? Before deregulation in 1978, the interstate airline industry was...