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NathansStack

Review Guide Page 2 front and back

QuestionAnswer
Complimentary Goods Product often used with another product as the price of one product decreases, the demand for the other increses
Shortage The condition that occurs when quantity demanded is greater than quantity supplied
Surplus Condition that occurs when quantity demanded is less than quantity supplied
Price ceiling The government set maximum price
Price Floor The government set minimum price
Franchises one business, the franchise, sells the right to use its name and products to another company known as the franchise
Dividend A portion of the corprations profit paid to stock holders
Perfect competition A market situation in which there are numerous buyers and sellers; no single buyer or seller can affect the price
Monopoly A market situation controlled by a single supplier of a good or service that has no close substitute
Perfect competition a market situation in which there are numerous buyers and sellers; no single buyer or seller can affect the price
Oligopoly Industry dominated by a few suppliers who excercise some control over price
Anti-trust laws federal and state government laws passed to prevent new monopolies from forming and to break up those that already exsist
Channels of Distribution Routes by which good are moved from producers to comsumers
Utility The ability of a product to satisfy customer wants
Minimum wage Federal law that sets the lowest hourly wage that may be paid to certain types of workers
Aggregate Demand the total quantity of goods and services in the entire economy that all people will demand at any single time
Consumer price index measures the change in price overtime for a specific group of goods and services used by the average household
Transfer payment Welfare and other supplementary payments made by a state or federal government to individuals
Depression a major decresing economic activity during which millions are out of work
Created by: 13puckettn
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