Economics - Topic 4 Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| pure competition | a market structure in which a large number of firms all produce the same product and no single seller controls supply or prices; also called perfect competition
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| commodity | a product, such as petroleum or milk, that is considered the same no matter who produces or sells it
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| barriers to entry | any factor that makes it difficult for a new firm to enter a market
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| start-up costs | the expenses a new business must pay before it can begin to produce and sell goods
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| monopoly | a market in which a single seller dominates
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| natural monopoly | a market that runs most efficiently when one large firm provides all of the output
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| patent | a government license that gives the inventor of a new product the exclusive right to produce and sell it
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| license | a government-issued right to operate a business
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| price discrimination | the division of consumers into groups based on how much they will pay for a good
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| monopolistic competition | a market structure in which many companies sell products that are similar but not identical
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| non-price competition | a way to attract customers through style, service, or location, rather than a lower price
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| oligopoly | a market structure in which a few large firms dominate a market
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| collusion | an illegal agreement among firms to divide the market, set prices, or limit production
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| price fixing | an agreement among firms to charge one price for the same good
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| predatory pricing | selling a product below cost for a short period of time to drive competitors out of the market
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| antitrust laws | laws that encourage competition in the marketplace
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| merger | when two or more companies join to form a single firm
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| deregulation | the removal of government controls over a market
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| surplus | when quantity supplied is more than quantity demanded
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| shortage | a situation in which consumers want more of a good or service than producers are willing to make available at a particular price
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