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Econ Vocab 3

TermDefinition
Microeconomics Interaction of people in buisness
Cicular Flow Diagram *
Labor *
Supply the amount of goods available
Demand the desire to own something and the ability to pay for it
Law of Demand Consumers will buy more of a good when its price decreases; if the price increases it won't be wanted as much
Law of Supply The idea that producers offer more of a good as its price increases and less as its price falls
Factors that effect supply *
Price Floor the minimum price allowed for a good
Price Ceiling the maximum price allowed for a good (legally)
Factors that effect demand *
Price Elasticity *
Inelastic describes how demand is not very sensitive to changes in price
Sole proprietorship a business owned and run by one person
Partnership a business jointly owned by 2 or more people
Corporation a business organization that is owned by stockholders and recognized by laws as a 'separate legal entity having all the rights as an individual'
Monopoly [ex.POWER COMPANY] * one seller * no close substitutes for product * impossible entry * price-setting power * no non-price competition
Natural monopoly *
Oligopoly [ex. CAR MANUFACTURE] * few sellers * differentiated or homogenous product * difficult entry * considerable price-setting power * considerable non-price competition
Monopolistic competition [ex. GAS STATION] * many sellers * differentiated product * relatively easy-entry * some price setting power * considerable non-price competition * usues a great deal of advertising (giveaways and prizes)
Perfect competition [ex. FOOD] {like Fruity O's, Fruit Loops, Rainbow Hoops... same thing} * many sellers * homogenous product * very easy entry * no price-setting power * no non-price competition * price-takers
Created by: 13AmaMcD
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