The belief that government should not interfere with commerce or trade.

Characterized by a large number of well-informed independent buyers and sellers who exchange identical products.

Product Differentiation

Real or imagined differences between competing products in the same industry.

Monopolistic Competition

All the characteristics of perfect competition except identical products.

An industry which has only a few large sellers that dominate the industry.

An agreement to set prices or to otherwise behave in a cooperative manner.

Agreeing to charge the same or similar prices for a product.

A market structure with only one seller of a particular product.

A market structure with only one buyer for a particular product.

Situation where costs are minimized by having a single firm produce a product.

A situation in which the average cost of production falls as the firm gets larger.

Diseconomies of Scale

Due to the large size of the organization

Unintended side effect that either benefits or harms a third party not involved in the activity that caused it.

Product that is collectively consumed by everyone

Combination of corporations or companies.

The practice of charging customers different prices for the same product.

Ruling requiring a company to stop unfair business practices that reduce competition among firms.

People making the effort to find work during the past month but can't obtain it.

Frictional Unemployment

Caused by workers in between jobs.

Structural Unemployment

Occurs when a fundamental change in the operations of the economy reduces the demand for workers and their skills.

Cyclical Unemployment

Related to swings in the business cycle.

Seasonal Unemployment

Results from changes in the demand for certain products or the weather.

A decrease in the general price level.

The relative magnitude of prices at one point in time in comparison to a base year.

Persistently rising general price levels brought about by rising input costs.

Demand Pull Inflation

Price increases which result from an excess of demand over supply.

Shows how much the actual distribution of income varies from an equal one.

The state of lacking or being denied adequate resources to participate meaningfully in society.

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

Basic Econ Terms IV

Term	Definition
Laissez-Faire	The belief that government should not interfere with commerce or trade.
Perfect Competition	Characterized by a large number of well-informed independent buyers and sellers who exchange identical products.
Product Differentiation	Real or imagined differences between competing products in the same industry.
Nonprice Competition	The use of advertising
Monopolistic Competition	All the characteristics of perfect competition except identical products.
Oligopoly	An industry which has only a few large sellers that dominate the industry.
Collusion	An agreement to set prices or to otherwise behave in a cooperative manner.
Price-fixing	Agreeing to charge the same or similar prices for a product.
Monopoly	A market structure with only one seller of a particular product.
Monopsony	A market structure with only one buyer for a particular product.
Natural Monopoly	Situation where costs are minimized by having a single firm produce a product.
Economies of Scale	A situation in which the average cost of production falls as the firm gets larger.
Diseconomies of Scale	Due to the large size of the organization
Externality	Unintended side effect that either benefits or harms a third party not involved in the activity that caused it.
Public Good	Product that is collectively consumed by everyone
Trust	Combination of corporations or companies.
Price Discrimination	The practice of charging customers different prices for the same product.
Cease & Desist Order	Ruling requiring a company to stop unfair business practices that reduce competition among firms.
Unemployed	People making the effort to find work during the past month but can't obtain it.
Frictional Unemployment	Caused by workers in between jobs.
Structural Unemployment	Occurs when a fundamental change in the operations of the economy reduces the demand for workers and their skills.
Cyclical Unemployment	Related to swings in the business cycle.
Seasonal Unemployment	Results from changes in the demand for certain products or the weather.
Deflation	A decrease in the general price level.
Price Level	The relative magnitude of prices at one point in time in comparison to a base year.
Cost Push Inflation	Persistently rising general price levels brought about by rising input costs.
Demand Pull Inflation	Price increases which result from an excess of demand over supply.
Lorenz Curve	Shows how much the actual distribution of income varies from an equal one.
Poverty	The state of lacking or being denied adequate resources to participate meaningfully in society.

Created by: ugotkmn

"Know" box contains:
Time elapsed:
Retries: