Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 7 (Market)

Economics Honors

Perfect Competition Firms all produce the same product and no single seller controls supply or prices
Commodity Product that is the same no matter who produces or sells it
Barrier to Entry Any fator that makes it difficult to a new firm to enter a market
Imperfent Competition Fails to meet the conditions of perfect competition
Start-up Cost A new business must pay before it can begin to produce and sell goods
Monoply Single seller dominates
Economies of Scale Factors that cause a produccer's average cost to fall as output rises
Natural Monoply market runs most efficiently when one large firm supplies all of the output
Government Monopoly monopoly created by the government
Patenet License, gives inventor of a new product the exclusive right to sell it for a specific period of time
Frachise Contract that ives a single firm the right to sell its goods within an exclusive market
License A government-issued right to operate a business
Price Discrimination the division of comsumers into groups based on how much they will pay for a good
Market Power The ability of a company to control prices and total market output
Momopolistic Competition A market structure in which many companies sell products that are similar but not identical
Differentiation Making a product different from other, similar product
Nonprice Competition A way to attract customers throught style, service, or location, but not a lower price
Oligopoly A market structure in which a few large firms dominate a market
Price War A series of competitve price cuts that lowers the market price below the ocst of production
Collusion An illegal agreement amoung firms to divide the market, set prices, or limit production
Price fixing An agreement amoung firms to change one orice for the same good
Cartel A formal organization of producers that agree to coordinate prices and production
Predatory Pricing selling a product below cost for a short period of time to drive competition out of the market
Antitrust Laws Laws that encourage competition in the marketplace
Trust An illegal grouping of companies that discourages competition
Merger When two or more companies join together to form one firm
Deregulation The removal of some government controls over a market
Created by: chgolynne
Popular History sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards