Econ Vocab 3 Word Scramble
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| Term | Definition |
| Microeconomics | Interaction of people in buisness |
| Cicular Flow Diagram | * |
| Labor | * |
| Supply | the amount of goods available |
| Demand | the desire to own something and the ability to pay for it |
| 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 |
| Law of Supply | The idea that producers offer more of a good as its price increases and less as its price falls |
| Factors that effect supply | * |
| Price Floor | the minimum price allowed for a good |
| Price Ceiling | the maximum price allowed for a good (legally) |
| Factors that effect demand | * |
| Price Elasticity | * |
| Inelastic | describes how demand is not very sensitive to changes in price |
| Sole proprietorship | a business owned and run by one person |
| Partnership | a business jointly owned by 2 or more people |
| 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' |
| Monopoly | [ex.POWER COMPANY] * one seller * no close substitutes for product * impossible entry * price-setting power * no non-price competition |
| Natural monopoly | * |
| Oligopoly | [ex. CAR MANUFACTURE] * few sellers * differentiated or homogenous product * difficult entry * considerable price-setting power * considerable non-price competition |
| 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) |
| 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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