Chapter 7 Vocabulary
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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| market structure | the organization of a market, based mainly on the degree of competition
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| market power | the ability of producers to influence prices
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| 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
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| What are the four basic market structures? | perfect competition, monopolistic competition, oligopoly, and monopoly
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| commodity | a product that is exactly the same no matter who produces it (milk, corn, wheat)
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| price taker | a producer that has no influence over the price of product; price takers must accept the market price
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| transaction costs | the time and money consumers spend shopping for the best product at the best price
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| 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)
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| imperfect competition |
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To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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