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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
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…
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
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…
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…
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…
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 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…
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…
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…
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…
35 terms
Economics Chapter 7: Market Structures
market structure
perfect competition
price-fixing
pure competition
market classification according to number and size of firms,…
the ideal model of a market economy; the market structure in…
illegal agreement by firms to charge a uniform price for a pr…
a market structure with three conditions... very large numbers... i…
market structure
market classification according to number and size of firms,…
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…
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
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…
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.
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
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…
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…
9 terms
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…
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
26 terms
Economics Chapter 7 Review
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
21 terms
Chapter 7 Economic Growth
aggregate production function
base period
capital deepening
compound growth rate
the process whereby an economy as a whole turns economic inpu…
time period used for comparative ... analysis; the basis for ind…
an increase by society in the average level of physical and/o…
the rate of growth when multiplied by a base that includes pa…
aggregate production function
the process whereby an economy as a whole turns economic inpu…
base period
time period used for comparative ... analysis; the basis for ind…
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
50 terms
Chapter 7 economics
Total economic cost
Implicit cost
Profits
Total economic cost
Explicit cost + implicit cost
Opportunity cost
Bonuses come from
All payments necessary to attract resources away from competi…
Total economic cost
Explicit cost + implicit cost
Implicit cost
Opportunity cost
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…
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…
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…
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…
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…
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…
25 terms
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,…
Chapter 7 Key Terms~ Economics
Market Structure
Pure Competition
Industry
Perfect Competition
Market classification according to number and size of firms.…
A theoretical market structure that requires three major cond…
Group of firms producing similar or identical products.
Theoretical market structure characterized by a large number…
Market Structure
Market classification according to number and size of firms.…
Pure Competition
A theoretical market structure that requires three major cond…
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.
19 terms
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…
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…
18 terms
Chapter 7: Economic Growth
contractual rights
Industrial Revolution
modern economic growth
rule of law
the rights of individuals to enter into agreements with other…
the widespread use of power-driven machinery and the economic…
the period of rapid economic growth from 1870 onward
the process of enacting laws that protect individual and enti…
contractual rights
the rights of individuals to enter into agreements with other…
Industrial Revolution
the widespread use of power-driven machinery and the economic…
22 terms
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
27 terms
Chapter 7 Market Structures (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 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
Holt Economics Chapter 7
sole proprietorship
zoning laws
liability
collateral
business that is owned, worked, controlled, and organized by…
government specifies the areas of a city or county where vari…
responsibility for debt
a bank will require a sole proprietor to put up something of…
sole proprietorship
business that is owned, worked, controlled, and organized by…
zoning laws
government specifies the areas of a city or county where vari…
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…
26 terms
Economics Vocabulary Chapter 7 Terms
Need
Want
Goods
Services
A Basic requirement for survival
Undisciplined, lewd, & lustful
Items that are purchased for purpose of satisfying ones needs…
Actions or activities one performs for another
Need
A Basic requirement for survival
Want
Undisciplined, lewd, & lustful
13 terms
Economics Chapter 7-9
Shortage
Surplus
Equilibrium point
Wages
Too little of a product or service to meet the demand.
More of a product than is demanded.
The point where supply and demand are in balance.
The amount of pay a worker earns for an amount of work.
Shortage
Too little of a product or service to meet the demand.
Surplus
More of a product than is demanded.
32 terms
Economics Chapter 7: Market Structures
market structure
perfect competition
standardized product
price taker
n. an economic model of competition among businesses in the s…
n. the ideal model of a market economy; the market structure…
n. a product that consumers consider identical in all essenti…
n. a firm that must accept the market price set by the intera…
market structure
n. an economic model of competition among businesses in the s…
perfect competition
n. the ideal model of a market economy; the market structure…
53 terms
economics chapter 7
What are 2 reasons on why to save?
what is interest?
What type of saving accounts arent use…
What is a statement savings account?
1.)Evens out a person's ability to spend throughout a lifetim…
the payment people receive when they lend money
Passbook savings account
the depositor receives a monthly statement.
What are 2 reasons on why to save?
1.)Evens out a person's ability to spend throughout a lifetim…
what is interest?
the payment people receive when they lend money
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