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Business Chapter 3 I

Business Chapter 3 part 1

study of small economic units, such as individual consumers, families, and businesses. microeconomics
social science that analyzes the choices people and governments make in allocating scarce resources economics
study of a nation's overall economic issues, such as how an economy maintains and how a government's policies affect the standards of living of its citizens macroeconomics
willingness and ability of buyers to purchase goods and services demand
willingness and ability of sellers to provide goods and services supply
graph of the amount of a product that buyers will purchase at different prices demand curve
graph that shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand supply curve
prevailing market price at which you can buy an item equilibrium price
market structure in which large numbers of buyers and sellers exchange homogeneous participant has a significant influence on price pure competition
market structure in which large numbers of buyers and sellers exchange heterogeneous products so each participant has some control over price monopolistic competition
market situation in which relatively few seller compete and high start-up costs form barriers to keep out new competitors oligopoly
market situation in which a single seller dominates trade in a good or service for which buyers can find no close substitutes monopoly
local, state, or federal government, grants exclusive rights in a certain market to a single firm regulated monopolies
government controls determine business ownership, profits, and resource allocation to accomplish government goals rather than those set by individual firms. planned economy
economic system characterized by government ownership and operation of major industries such as communications socialism
economic system in which all property would be shared equally by the people of a community under the direction of a strong central government. communism
economic system that draws from both types of economies, to different degrees mixed market economy
conversion of government-owned and operated companies into privately held businesses privatization
Created by: 100000185598036