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market structure
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PCS Economics
Chapter 7 Vocabulary
| Term | Definition |
|---|---|
| market structure | the organization of a market, based mainly on the degree of competition |
| market power | the ability of producers to influence prices |
| perfect competition | a market structure in which many producers supply an identical product and no single producer can influence its price; in such a market, prices are set by supply and demand |
| What are the four basic market structures? | perfect competition, monopolistic competition, oligopoly, and monopoly |
| commodity | a product that is exactly the same no matter who produces it (milk, corn, wheat) |
| price taker | a producer that has no influence over the price of product; price takers must accept the market price |
| transaction costs | the time and money consumers spend shopping for the best product at the best price |
| barriers to entry | an obstacle that can restrict a producer's access to a market and limit competition (examples: start up costs, don't have needed supplies - if you don't have gold, then you can't get int gold business) |
| imperfect competition |
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Ms.Sala
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