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Econ C7 & 8 Vocab

Economies of Sale factors that cause a producer's average cost per unit to fall as output rises
Trust illegal grouping of companies that discourages competiton
Franchise right to sell good or service within an executive market
Oligopoly market structure where few large firms dominate a market
Barrier to Entry any factor that makes it difficult for a new firm to enter a market
Antitrust Laws laws that encourage competition on the marketplace
Market Power ability of a company to change prices and outputs like a monopolist
Differentiation making a product different from other similar products
Perfect Competition market structure in which large number of firms all produce the same product
Start up Costs expenses a firm must pay before it can begin to produce and sell goods
Merger combination of two or more firms into a single firm
Cartel formal organization of producers that agree to coordinate prices and production
License government issued right to operate a business
Deregulation removal of government controls over a market
Commodity product that is the same no matter who produces it
Price Fixing agreement among firms to charge one price for a good
Price Discrimination division of customers into groups based on how much they pay for a good
Monopoly market dominated by a single seller
Patent license that gives inventor of new product exclusive right to sell product for a period of time
Market Structure defined by characteristics, such as number of sellers in market, product produced and sold, how easy or difficult for new firms to enter market
Price Takers seller that can sell all its output at equilibrium price but can sell non of its output at any other price
Monopolistic Market market structure characterized by a single seller, sale of its product has no close substitutes, and extremely high barriers to entry
Price Searchers seller than can sell some of its outputs at various prices
Public Franchise right granted to a firm by the government that permits the firm to provide a particular good or service and exclude all others from doing so
Natural Monopoly firm with such a low average total cost that only it can survive in the market
Monopolistic Competition market structure in which many companies sell products that are similar but not identical
Collusion agreement among firms to divide the market, set prices, or limit production
Assests money and other valuables belonging to an individual or business
Bond formal contract to repay borrowed money with interest at fixed intervals
Corporation legal entity owned by individual stockholders
Economic Institution company or organization that deals with managing the distribution of money, goods and services in an economy
Entrepreneur ambitious leader who combines the factors of productions to create and market new goods and services
Fringe Benefits payment other than wages or salaries
Horizontal Merger combination of two or more firms competing in same market with the same good or service
Incentive expectation that encourages people to behave a certain way
Limited Liability Partnership partnership in which all partners are limited partners
Limited Partnership partnership in which only one partner is required to be a general partner
Multinational Corporation large corporation that produces and sells its goods and services throughout the world
Parntership business or organization owned by two or more persons who agree on a separate division of responsibilities and profit
Sole Proprietorship business owned and managed by a single individual
Stock certificate of ownership in a corporation
Vertical Merger combination of two or more firms involved in different stages or producing the same good or service
Business Firm organization that uses resources to produce goods and services that are sold to consumers, other firms, or government
Franchiser entity that offers a franchise
Franchisee person or group that buys a franchise
Franchise pt.2 contract which firm lets a person or group use its name and sell its goods in exchange for making certain payments and meeting certain requirements
Asymmetric Information one party to a transaction has information that another party does not have
Board of Directors decision making body in a corporation. Decides policies and goals, among other things
Fixed Cost a cost, or expense, that is the same no matter how many units of a good are produced
Variable Cost cost, or expense, that changes with the number of units of a good produced
Total Cost sum of fixed costs plus variable costs
Marginal Cost cost of producing an additional unit of a good; change in total cost that results from producing an additional unit of a good
Marginal Revenue revenue from selling an additional unit of a good; change in total revenue that results from selling an additional unit of output
Law of Diminishing Marginal Returns additional units of one resource are added to another resource, in fixed supply, eventually the additional output will decrease
Created by: syddd



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