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ECON CH. 7 QUIZ 2017
Mr. Stickler's Liberty Christian ECON. Ch. 7 Vocab. Quiz 2016
| Term | Definition |
|---|---|
| Market Structure | "Nature and degree of competition among firms in the same industry." (Pg. 169) |
| "Laissez-faire" | This term refers to the philosophy that the government should not interfere with business activity. (Pg. 169) |
| Perfect Competition | "Market structure with many well-informed and independent buyers and sellers who exchange identical products." (Pg. 170) |
| Imperfect Competition | "Market structure that does not meet all conditions for perfect competition." (Pg. 172) |
| Monopolistic Competition | "Market structure that meets all conditions of perfect competition except identical products." (Pg. 173) |
| Product Differentiation | "Real or imagined differences between competing products in the same industry." (Pg. 173) |
| Nonprice Competition | "Sales strategy focusing on a product's appearance, quality, or design rather than its price." (Pg. 173) |
| Oligopoly | "Market structure in which a few large sellers dominate the industry." (Pg. 174) |
| Collusion | "Agreement, usually illegal, among producers to fix prices, limit output, or divide markets." (Pg. 174) |
| Monopoly | "Market structure with a single seller of a particular product." (Pg. 175) |
| Natural Monopoly | "Market structure where average costs of production are lowest when a single firm exists." (Pg. 176) |
| Economies of Scale | "Situation in which the average cost of production falls as a firm gets larger." (Pg. 176) |
| Geographic Monopoly | "Market structure in which one firm has a monopoly in a geographic area." (Pg. 176) |
| Technological Monopoly | "Monopoly based on a firm's ownership or control of a production method, process, or other scientific advance." (Pg. 176) |
| Government Monopoly | "A monopoly owned & operated by the government." (Pg. 177) |
| Market Failure | "Condition that causes a competitive market to fail." (Pg. 180) |
| Public Goods | "Products that are collectively consumed by everyone." (Pg. 181) |
| Price Discrimination | "The practice of selling the same product to different consumers at different prices if it substantially lessens competition." (Pg. 186) |
| Cease and Desist Order | "A Federal Trade Commission ruling requiring a company to stop an unfair business practice, such as price-fixing, that reduces or limits competition among firms." (Pg. 186) |
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