Economics Honors
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Perfect Competition | Firms all produce the same product and no single seller controls supply or prices
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| Commodity | Product that is the same no matter who produces or sells it
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| Barrier to Entry | Any fator that makes it difficult to a new firm to enter a market
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| Imperfent Competition | Fails to meet the conditions of perfect competition
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| Start-up Cost | A new business must pay before it can begin to produce and sell goods
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| Monoply | Single seller dominates
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| Economies of Scale | Factors that cause a produccer's average cost to fall as output rises
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| Natural Monoply | market runs most efficiently when one large firm supplies all of the output
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| Government Monopoly | monopoly created by the government
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| Patenet | License, gives inventor of a new product the exclusive right to sell it for a specific period of time
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| Frachise | Contract that ives a single firm the right to sell its goods within an exclusive market
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| License | A government-issued right to operate a business
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| Price Discrimination | the division of comsumers into groups based on how much they will pay for a good
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| Market Power | The ability of a company to control prices and total market output
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| Momopolistic Competition | A market structure in which many companies sell products that are similar but not identical
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| Differentiation | Making a product different from other, similar product
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| Nonprice Competition | A way to attract customers throught style, service, or location, but not a lower price
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| Oligopoly | A market structure in which a few large firms dominate a market
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| Price War | A series of competitve price cuts that lowers the market price below the ocst of production
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| Collusion | An illegal agreement amoung firms to divide the market, set prices, or limit production
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| Price fixing | An agreement amoung firms to change one orice for the same good
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| Cartel | A formal organization of producers that agree to coordinate prices and production
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| Predatory Pricing | selling a product below cost for a short period of time to drive competition out of the market
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| Antitrust Laws | Laws that encourage competition in the marketplace
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| Trust | An illegal grouping of companies that discourages competition
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| Merger | When two or more companies join together to form one firm
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| Deregulation | The removal of some government controls over a market
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
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