Econ Vocab 3
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| Microeconomics | Interaction of people in buisness
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| Cicular Flow Diagram | *
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| Labor | *
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| Supply | the amount of goods available
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| Demand | the desire to own something and the ability to pay for it
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| Law of Demand | Consumers will buy more of a good when its price decreases; if the price increases it won't be wanted as much
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| Law of Supply | The idea that producers offer more of a good as its price increases and less as its price falls
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| Factors that effect supply | *
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| Price Floor | the minimum price allowed for a good
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| Price Ceiling | the maximum price allowed for a good (legally)
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| Factors that effect demand | *
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| Price Elasticity | *
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| Inelastic | describes how demand is not very sensitive to changes in price
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| Sole proprietorship | a business owned and run by one person
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| Partnership | a business jointly owned by 2 or more people
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| Corporation | a business organization that is owned by stockholders and recognized by laws as a 'separate legal entity having all the rights as an individual'
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| Monopoly | [ex.POWER COMPANY]
* one seller
* no close substitutes for product
* impossible entry
* price-setting power
* no non-price competition
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| Natural monopoly | *
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| Oligopoly | [ex. CAR MANUFACTURE]
* few sellers
* differentiated or homogenous product
* difficult entry
* considerable price-setting power
* considerable non-price competition
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| Monopolistic competition | [ex. GAS STATION]
* many sellers
* differentiated product
* relatively easy-entry
* some price setting power
* considerable non-price competition
* usues a great deal of advertising (giveaways and prizes)
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| Perfect competition | [ex. FOOD] {like Fruity O's, Fruit Loops, Rainbow Hoops... same thing}
* many sellers
* homogenous product
* very easy entry
* no price-setting power
* no non-price competition
* price-takers
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Or sort by any of the columns using the down arrow next to any column heading.
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