Karteikarten

Ch 7 Vocab ECONOMICS

Zoe Skarzenski economics 12th grade Englisch 17 Karten

Karten in diesem Stapel (17)

1perfect competitiona market structure in which a large number of firms all produce the same product
2commoditya product that is the same no matter who produces it
ex: petroleum, notebook paper, milk
3barrier to entryany factor that makes it difficult for a new firm to enter a market
4start-up coststhe expenses a firm must pay before it can begin to produce and sell goods
5monopolya market dominated by a single seller
6economies of scalefactors that cause a producers average cost per unit to fall as output rises
7patentlicense that gives the inventor of a new product the exclusive right to sell it for a certain period of time
8franchisethe right to sell a good or service within an exclusive market
9price discriminationdivision of costumers into groups based on how much they will pay for a good
10monopolistic competitiona market structure in which many companies sell products that are similar but not identical
11oligopolya market structure in which a few large firms dominate a market
12price fixingan agreement among firms to change on price for the same good
13cartela formal organization of producers that agree to coordinate prices and production
14predatory pricingselling a product below cost to drive competitors out of the market
15antitrust lawslaws that encourage competition in the market place
16mergercombination of two or more companies into a single firm
17deregulationthe removal of some government controls over a market