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12 ECON Vocab 7

study material for economics Vocab CH 7 - Ponder

TermDefinition
perfect competition theoretical situation in which well-informed, independent buyers and sellers exchange identical products
price-fixing - agreeing to charge the same or similar prices
externality unintended side effect that either benefits or harms a third party not involved in the activity
product differentiation real or imagined differences between competing products
negative externality unwanted harm, cost, or inconvenience suffered by a third party because of the actions of others
natural monopoly market situation in which costs are minimized because a single firm produces the product
laissez-faire belief that government should not interfere with commerce or trade
oligopoly market structure in which a few very larger sellers dominate the industry
collusion formal agreement to set prices or to behave in a cooperative manner
price war series of competitive price cuts by all sellers that leads to unusually low prices
monopoly market structure with only one seller of a product
public goods products that are collectively consumed by everyone
patent exclusive right to manufacture, use, or sell any new and useful machine, manufacture, or composition of.matter
imperfect competition market structure that lacks one or more of the conditions of perfect competition
copyright exclusive right of authors and artists to publish, sell, or reproduce their work
Created by: breckart2
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