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WGUMacroEco.Concepts

WGU Macroeconomic Concepts Jen

QuestionAnswer
What is a monopoly? one producer of a product (sole ownership)
What is a oligopoly? market w/only few sellers & mutual interdependence-choice of seller affects outcome of all sellers
Gross domestic product market value of all final goods and services produced within a country in a given period of ime, regardless of nationalities or permanent residencies of the producers
specialization in products when specialize in the goods and have a comparative advantage=total output is greater than if were independently.
Less product Price increases
More product Price decreases
comparative advantage produces the good or service with a lower opportunity cost
Created by: jlwillia
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