Study sets matching "economics chapter 7"

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Study sets matching "economics chapter 7"

15 terms
Economics - Chapter 7
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
A market dominated by a single seller
A market structure in which a few large firms dominate a market
A market structure in which a large number of firms all produ…
A market structure in which many companies sell products that…
Monopoly
A market dominated by a single seller
Oligopoly
A market structure in which a few large firms dominate a market
15 terms
Economics - Chapter 7
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
A market dominated by a single seller
A market structure in which a few large firms dominate a market
A market structure in which a large number of firms all produ…
A market structure in which many companies sell products that…
Monopoly
A market dominated by a single seller
Oligopoly
A market structure in which a few large firms dominate a market
8 terms
Economics - Chapter 7
laissez-faire
monopoly
what are the different kinds of monopo…
monopolistic competition
...
...
...
...
laissez-faire
...
monopoly
...
26 terms
Economics Chapter 7 Terms
Perfect Competition
Commodity
Barrier to Entry
Imperfect Competition
A market structure in which a large number of firms all produ…
A product such as petroleum or milk that is considered the sa…
Any factor that makes it difficult for a new firm to enter a…
A market structure that fails to meet the conditions of a per…
Perfect Competition
A market structure in which a large number of firms all produ…
Commodity
A product such as petroleum or milk that is considered the sa…
32 terms
Economics Chapter 7
Market structure
Perfect competition
Standardized product
Price taker
An economic model of competition among businesses in the same…
The ideal model of a market economy
One that consumers see as identical regardless of producer
A business that accepts the market price determined by supply…
Market structure
An economic model of competition among businesses in the same…
Perfect competition
The ideal model of a market economy
32 terms
Economics Chapter 7: Market Structures
market structure
perfect competition
standardized product
price taker
an economic model of competition among businesses in the same…
the ideal model of a market economy; the market structure in…
a product that consumers consider identical in all essential…
a firm that must accept the market price set by the interacti…
market structure
an economic model of competition among businesses in the same…
perfect competition
the ideal model of a market economy; the market structure in…
15 terms
Economics - Chapter 7
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
A market dominated by a single seller
A market structure in which a few large firms dominate a market
A market structure in which a large number of firms all produ…
A market structure in which many companies sell products that…
Monopoly
A market dominated by a single seller
Oligopoly
A market structure in which a few large firms dominate a market
27 terms
Economics: Chapter 7
perfect competition
commodity
barrier to entry
imperfect competition
a market structure in which a large number of firms all produ…
a product that is the same no matter who produces it, such as…
any factor that makes it difficult for a new firm to enter a…
a market structure that does not meet the conditions of perfe…
perfect competition
a market structure in which a large number of firms all produ…
commodity
a product that is the same no matter who produces it, such as…
27 terms
Economics Chapter 7 Vocabulary
perfect competition
commodity
barrier to entry
imperfect competition
a market structure in which a large number of firms all produ…
a product that is considered the same no matter who produces…
any factor that makes it difficult for a new firm to enter a…
a market structure that fails to meet the conditions of perfe…
perfect competition
a market structure in which a large number of firms all produ…
commodity
a product that is considered the same no matter who produces…
25 terms
Chapter 7 - Economics
Market Structure
Perfect Competition
Standardized Product
Imperfect Competition
An economic model of competition among businesses in the same…
The ideal model of a market economy; the market structure in…
A product that consumers considers identical in all essential…
A market structure that lacks one or more of the conditions n…
Market Structure
An economic model of competition among businesses in the same…
Perfect Competition
The ideal model of a market economy; the market structure in…
27 terms
Economics chapter 7 vocabulary
Perfect competition
Commodity
Barrier to entry
Imperfect competition
a market structure in which a large number of firms all produ…
a product that is the same no matter who produces it such as…
any factor that makes it difficult for a new firm to enter a…
a market structure that does not meet the condition of perfec…
Perfect competition
a market structure in which a large number of firms all produ…
Commodity
a product that is the same no matter who produces it such as…
Economics Chapter 7: Market Structures
market structure
perfect competition
standardized product
price taker
an economic model of competition among businesses in the same…
the ideal model of a market economy; the market structure in…
a product that consumers consider identical in all essential…
a firm that must accept the market price set by the interacti…
market structure
an economic model of competition among businesses in the same…
perfect competition
the ideal model of a market economy; the market structure in…
Economics Chapter 7 Vocabulary
perfect competition
commodity
barrier to entry
imperfect competition
a market structure in which a large number of firms all produ…
a product that is considered the same no matter who produces…
any factor that makes it difficult for a new firm to enter a…
a market structure that fails to meet the conditions of perfe…
perfect competition
a market structure in which a large number of firms all produ…
commodity
a product that is considered the same no matter who produces…
9 terms
Economic Chapter 7
positive externality
negative externality
public goods
externality
a benefit someone receives
is the harm, cost, or inconvenience
are products that are collectively consumer by everyone
side effect that either benefit or harms a third party
positive externality
a benefit someone receives
negative externality
is the harm, cost, or inconvenience
10 terms
Chapter 7 Economics
Perfect Competition
Barrier to Entry
Monopoly
Patent
A market structure in which a large number of firms all produ…
Any factor that makes it difficult for a new firm to enter a…
A market dominated by a single seller
A license that gives the inventor of a new product the exclus…
Perfect Competition
A market structure in which a large number of firms all produ…
Barrier to Entry
Any factor that makes it difficult for a new firm to enter a…
18 terms
Economics Chapter 7 Vocab
perfect competition
commodity
barrier to entry
monopoly
a market structure in which a large number of firms all produ…
a product that is the same no matter who produces it, such as…
any factor that makes it difficult for a new firm to enter a…
a market dominated by a single seller.
perfect competition
a market structure in which a large number of firms all produ…
commodity
a product that is the same no matter who produces it, such as…
12 terms
Chapter 7 Contemporary Economics
antritrust activity
merger
deregulation
monopolistic competition
government efforts aimed at preventing monopoly and promoting…
the combination of two or more firms to form a single firm
a reduciton in government control over prices and firm entry…
a market structure with low entry barriers and many firms sel…
antritrust activity
government efforts aimed at preventing monopoly and promoting…
merger
the combination of two or more firms to form a single firm
Chapter 7 Vocabulary Economics
perfect competition
commodity
barrier to entry
imperfect competition
a market structure in which a large number of firms all produ…
a product, such as petroleum or milk, that is considered the…
any factor that makes it difficult for a new firm to enter a…
any market structure besides perfect competition
perfect competition
a market structure in which a large number of firms all produ…
commodity
a product, such as petroleum or milk, that is considered the…
31 terms
Glencoe Economics Chapter 7
Demand
Supply
Market
Voluntary exchange
the amount of a good or service that consumers are able and w…
the amount of a good or service that producers are able and w…
the process of freely exchanging goods and services between b…
a transaction in which a buyer and a seller exercise their ec…
Demand
the amount of a good or service that consumers are able and w…
Supply
the amount of a good or service that producers are able and w…
Economics Chapter 7
Laissez-faire
Market Structure
Perfect Competition
Imperfect Competition
philosophy that government should not interfere with commerce…
nature and degree of competition among firms operating in the…
large number of well-informed independent buyers and sellers…
lacks one or more of the conditions of perfect competition.
Laissez-faire
philosophy that government should not interfere with commerce…
Market Structure
nature and degree of competition among firms operating in the…
32 terms
Economics Chapter 7: Market Structures
market structure
perfect competition
standardized product
price taker
an economic model of competition among businesses in the same…
the ideal model of a market economy; the market structure in…
a product that consumers consider identical in all essential…
a firm that must accept the market price set by the interacti…
market structure
an economic model of competition among businesses in the same…
perfect competition
the ideal model of a market economy; the market structure in…
40 terms
Economics/Chapter 7 Terms
price taker
barriers to entry
antitrust law
concentration ratio
a producer that has no influence over the price of a product;…
an obstacle that can restrict a producer's access to a market…
legislation designed to limit the formation of monopolies or…
the proportion of a market controlled by a fixed number of co…
price taker
a producer that has no influence over the price of a product;…
barriers to entry
an obstacle that can restrict a producer's access to a market…
20 terms
Economics - Chapter 7
Business Firm
Shirking
Sole Proprietorship
Partnership
An organization that uses resources to produce goods and serv…
The behavior of a worker who is putting forth less than the a…
A business that is owned by one individual who makes all busi…
A business owned by two or more co-owners, called partners, w…
Business Firm
An organization that uses resources to produce goods and serv…
Shirking
The behavior of a worker who is putting forth less than the a…
27 terms
Economics chapter 7 vocabulary
Perfect competition
Commodity
Barrier to entry
Imperfect competition
a market structure in which a large number of firms all produ…
a product that is the same no matter who produces it such as…
any factor that makes it difficult for a new firm to enter a…
a market structure that does not meet the condition of perfec…
Perfect competition
a market structure in which a large number of firms all produ…
Commodity
a product that is the same no matter who produces it such as…
11 terms
Economic Chapter 7
Market structure
Perfect competition
Standardized product
Price taker
is an economic model of competition among businesses in the s…
is the ideal model of a market economy.
is one that consumers see as identical regardless of producer.
is a business that accepts the market price determined by sup…
Market structure
is an economic model of competition among businesses in the s…
Perfect competition
is the ideal model of a market economy.
Chapter 7: Economics
Process of Production
Capital Intensive
Labor Intensive
Scale of Production
The production process is concerned with transforming a range…
The manufacturing or provision of a product relies heavily on…
production processes that employ a large amount of labor rela…
...
Process of Production
The production process is concerned with transforming a range…
Capital Intensive
The manufacturing or provision of a product relies heavily on…
27 terms
Chapter 7 Economics
perfect competition
commodity
barrier to entry
imperfect competition
a market structure in which a large number of firms all produ…
a product that is considered the same no matter who produces…
any factor that makes it difficult for a new firm to enter a…
a market structure that fails to meet the conditions of perfe…
perfect competition
a market structure in which a large number of firms all produ…
commodity
a product that is considered the same no matter who produces…
20 terms
Economics: Chapter 7
Excise tax
Incidence
Tax rate
Administrative cost
a tax on sales of a good or service.
a tax is a measure of who really pays it.
the amount of tax people are required to pay per unit of what…
of a tax are the resources used by government to collect the…
Excise tax
a tax on sales of a good or service.
Incidence
a tax is a measure of who really pays it.
Economics Chapter 7
Labor Force Participation rate
Discouraged Workers
Frictional Unemployment
Structural Unemployment
The percent of non-instatutionalized working age individuals,…
Individuals who have stopped looking for a job because they a…
Unemployment due to the fact that workers must search for the…
Unemployment of workers over lengthy time periods because of…
Labor Force Participation rate
The percent of non-instatutionalized working age individuals,…
Discouraged Workers
Individuals who have stopped looking for a job because they a…
12 terms
Chapter 7 Contemporary Economics
antritrust activity
merger
deregulation
monopolistic competition
government efforts aimed at preventing monopoly and promoting…
the combination of two or more firms to form a single firm
a reduction in government control over prices and firm entry…
a market structure with low entry barriers and many firms sel…
antritrust activity
government efforts aimed at preventing monopoly and promoting…
merger
the combination of two or more firms to form a single firm
32 terms
AP Economics: Chapter 7 - Economic Growth and Instability
economic growth
Real GDP per capita
rule of 70... *approximate number of yea…
productivity
either an increase in real GDP occuring over some time period…
found by dividing real GDP by the size of the population
provides a quantitative grasp of the effet of economic growth…
real output per unit of input
economic growth
either an increase in real GDP occuring over some time period…
Real GDP per capita
found by dividing real GDP by the size of the population
48 terms
Economics Chapter 7: Market Structure Combo
Competition
Market Structure
Perfect Competition
5 Characteristics of a perfect competi…
Involves all the actions that sellers acting independently ta…
A economic model that allows economists to examine competitio…
The ideal model of a market economy.
1. Numerous buyers & sellers.... 2. Standardized products ... 3. Fr…
Competition
Involves all the actions that sellers acting independently ta…
Market Structure
A economic model that allows economists to examine competitio…
21 terms
Economics Chapter 7
Perfect Competition
Commodity
Barrier to Entry
Start-up Costs
A market where large numbers of firms all make the same product
A product that is the same no matter who produces it
Any factor that makes it difficult for a new firm to enter a…
The expenses a firm must pay before it can begin to produce a…
Perfect Competition
A market where large numbers of firms all make the same product
Commodity
A product that is the same no matter who produces it
40 terms
Economics Chapter 7
Sole Proprietorship
Advantages of Sole Proprietorship
Disadvantages of Sole Proprietorship
Creditor
is a business firm that is owned by one person.
1. Free to enter and exit the Market easily.... 2. Free from ou…
1. Unlimited personal financial liability.... 2. Limited manage…
is a lender to whom a debt is owed.
Sole Proprietorship
is a business firm that is owned by one person.
Advantages of Sole Proprietorship
1. Free to enter and exit the Market easily.... 2. Free from ou…
27 terms
Economics Chapter 7
perfect competition
commodity
barrier to entry
imperfect competition
a market structure in which a large number of firms all produ…
a product that is the same no matter who produces or sells it…
Any factor that makes it difficult for a new firm to enter a…
a market structure that fails to meet the conditions of perfe…
perfect competition
a market structure in which a large number of firms all produ…
commodity
a product that is the same no matter who produces or sells it…
Economics Chapter 7: Market Structures
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Large number of firms selling the same exact product
Market with many companies selling products that are similar…
Market structure in which a few large firms dominate a market
A market dominated by a single seller
Perfect Competition
Large number of firms selling the same exact product
Monopolistic Competition
Market with many companies selling products that are similar…
15 terms
Economics Chapter 7 Vocabulary
market structure
perfect competition
imperfect competition
monopolistic competition
nature and degree of competition among firms in the same indu…
market structure with many well-informed and independent buye…
market structure that does not meet all conditions of perfect…
market structure that has all the conditions of perfect compe…
market structure
nature and degree of competition among firms in the same indu…
perfect competition
market structure with many well-informed and independent buye…
13 terms
Economics Chapter 7 Demand and Supply
law of supply
quantity supplied
supply schedule
supply curve
Economic rule stating that price and quantity supplied move i…
The amount of a good or service that a producer is willing an…
Table showing quantities supplied at different possible prices.
Upward-sloping line that shows in graph form the quantities s…
law of supply
Economic rule stating that price and quantity supplied move i…
quantity supplied
The amount of a good or service that a producer is willing an…
Economics Vocabulary Chapter 7
Laissez-faire
Market structure
Perfect competition
Imperfect competition
philosophy that government should not interfere with business…
market classification according to number and size of firms,…
market structure characterized by a large number of well-info…
market structure where all conditions of pure competition are…
Laissez-faire
philosophy that government should not interfere with business…
Market structure
market classification according to number and size of firms,…
28 terms
Holt Economics Chapter 7
Sole Proprietorship:
Zoning Laws:
Liability:
Collateral:
A business that is owned and managed by one person.
a law governing what types of structures and businesses are a…
a person or business's legally enforceable responsibility.
property pledged by a borrower security for a loan.
Sole Proprietorship:
A business that is owned and managed by one person.
Zoning Laws:
a law governing what types of structures and businesses are a…
29 terms
Economics - Chapter 7 & 10
Which of the following is an example o…
If the production of a good yields a n…
When the government levies a tax on a…
Which of the following statements abou…
C. Hillary's newly cut lawn makes her neighborhood more attra…
Because of the externality, the cost to society of producing…
When the government levies a corrective tax in the presence o…
When the government levies a corrective tax in the presence o…
Which of the following is an example o…
C. Hillary's newly cut lawn makes her neighborhood more attra…
If the production of a good yields a n…
Because of the externality, the cost to society of producing…
27 terms
Economics Chapter 7 Vocabulary
Perfect Competition
Commodity
Barrier to Entry
Imperfect Competition
A market structure in which a large number of firms all produ…
A product, such as petroleum or milk, that is considered the…
Any factor that makes it difficult of r anew firm to enter a…
A market structure that fails to meet the conditions of perfe…
Perfect Competition
A market structure in which a large number of firms all produ…
Commodity
A product, such as petroleum or milk, that is considered the…
12 terms
Economics, Chapter 7, Words to Know
invest
preferred stock
common stock
investment
to use money to earn interest or income, or in the hopes of m…
stock that offers the stockholder stated dividends but does n…
stock that gives the stockholder voting rights but may or may…
the use of money to earn interest or income, or to make a pro…
invest
to use money to earn interest or income, or in the hopes of m…
preferred stock
stock that offers the stockholder stated dividends but does n…
46 terms
Economics Chapter 7-9
nonprice competition
patent
cartel
monopolistic competition
emphasizing factors other than price to distinguish a product…
a form of monopoly that encourages firms to develop new produ…
a formal organization of producers that agree to coordinate p…
A market structure in which barriers to entry are low and man…
nonprice competition
emphasizing factors other than price to distinguish a product…
patent
a form of monopoly that encourages firms to develop new produ…
25 terms
Abeka Economics Chapter 7
efficiency
output, input
input
output
term for the quality of producing effectively with a minimum…
When economists talk about efficient production, they are ref…
term for the total amount invested in the production of a good
term for the total amount of a good that is produced
efficiency
term for the quality of producing effectively with a minimum…
output, input
When economists talk about efficient production, they are ref…
Economics - Chapter 7 vocab
perfect commodity
commodity
barrier to entry
imperfect competition
market structure in which a large number of firms all produce…
product that is the same no matter who produces it, such as p…
any factor that makes it difficult for a new firm to enter a…
market structure that does not meet the conditions of perfect…
perfect commodity
market structure in which a large number of firms all produce…
commodity
product that is the same no matter who produces it, such as p…
25 terms
Micro Economics Chapter 7
Explicit Cost
Implicit Cost
Accounting profit
Economic Profit
opportunity cost of resources employed by a firm that takes t…
a firm's opportunity cost of using its own resources or those…
A firm's total revenue minus its explicit costs
A firm's total revenue minus its explicit and implicit costs
Explicit Cost
opportunity cost of resources employed by a firm that takes t…
Implicit Cost
a firm's opportunity cost of using its own resources or those…
44 terms
Economics Chapter 7
Natural Rate of Unemployment
What's the relationship between actual…
What's the relationship between actual…
The "normal" unemployment rate the eco…
The average rate of unemployment around which the economy flu…
The actual unemployment rate rises above the natural rate
The actual unemployment rate falls below the natural rate
The natural unemployment rate
Natural Rate of Unemployment
The average rate of unemployment around which the economy flu…
What's the relationship between actual…
The actual unemployment rate rises above the natural rate
Applied Economics Chapter 7
Pure competition
Standardized product
Monopoly
Pure monopoly
competition in which there are many buyers and sellers, there…
a product group in which competing products are nearly the same
a market in which there is no competition; one company contro…
a monopoly in which there is only one seller, there are no su…
Pure competition
competition in which there are many buyers and sellers, there…
Standardized product
a product group in which competing products are nearly the same
6 terms
Chapter 7 - Economic Growth
Aggregate Demand
Aggregate Supply
Average Propensity to Consume ( APC )
Average Propensity to Save ( APS )
refers to the total demand for goods and services within the…
refers to the total productive capacity of an economy i.e the…
the proportion of total income that is spent on consumption.
the proportion of total income that is not spent but saved fo…
Aggregate Demand
refers to the total demand for goods and services within the…
Aggregate Supply
refers to the total productive capacity of an economy i.e the…
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