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Economics - Topic 4

Economics - Topic 4 Vocabulary

TermDefinition
pure competition a market structure in which a large number of firms all produce the same product and no single seller controls supply or prices; also called perfect competition
commodity a product, such as petroleum or milk, that is considered the same no matter who produces or sells it
barriers to entry any factor that makes it difficult for a new firm to enter a market
start-up costs the expenses a new business must pay before it can begin to produce and sell goods
monopoly a market in which a single seller dominates
natural monopoly a market that runs most efficiently when one large firm provides all of the output
patent a government license that gives the inventor of a new product the exclusive right to produce and sell it
license a government-issued right to operate a business
price discrimination the division of consumers into groups based on how much they will pay for a good
monopolistic competition a market structure in which many companies sell products that are similar but not identical
non-price competition a way to attract customers through style, service, or location, rather than a lower price
oligopoly a market structure in which a few large firms dominate a market
collusion an illegal agreement among firms to divide the market, set prices, or limit production
price fixing an agreement among firms to charge one price for the same good
predatory pricing selling a product below cost for a short period of time to drive competitors out of the market
antitrust laws laws that encourage competition in the marketplace
merger when two or more companies join to form a single firm
deregulation the removal of government controls over a market
surplus when quantity supplied is more than quantity demanded
shortage a situation in which consumers want more of a good or service than producers are willing to make available at a particular price
Created by: brittlloyd
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