12 ECON Vocab 7 Word Scramble
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| Term | Definition |
| perfect competition | theoretical situation in which well-informed, independent buyers and sellers exchange identical products |
| price-fixing | - agreeing to charge the same or similar prices |
| externality | unintended side effect that either benefits or harms a third party not involved in the activity |
| product differentiation | real or imagined differences between competing products |
| negative externality | unwanted harm, cost, or inconvenience suffered by a third party because of the actions of others |
| natural monopoly | market situation in which costs are minimized because a single firm produces the product |
| laissez-faire | belief that government should not interfere with commerce or trade |
| oligopoly | market structure in which a few very larger sellers dominate the industry |
| collusion | formal agreement to set prices or to behave in a cooperative manner |
| price war | series of competitive price cuts by all sellers that leads to unusually low prices |
| monopoly | market structure with only one seller of a product |
| public goods | products that are collectively consumed by everyone |
| patent | exclusive right to manufacture, use, or sell any new and useful machine, manufacture, or composition of.matter |
| imperfect competition | market structure that lacks one or more of the conditions of perfect competition |
| copyright | exclusive right of authors and artists to publish, sell, or reproduce their work |
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