Details

Title: cards

Description: cards

Total Flash Cards: 8

Created: 11/20/2008 07:57:45

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Additional Economics Flashcards

Cards in this set:

Term
Homogeneous Product
 Definition
same or similiar products
Term

heterogeneous prod.

 Definition
Different type products; a car and a refrigerator.
Term
unique product
 Definition
One of a kind
Term

Barriers to entry

 

 Definition
factors that inhibit the entry or exit of firms into or out of an industry
Term
Price-taker
 Definition
a firm that accepts the market price determined by supply and demand
Term

Price leadership

 

 Definition
action taken by an industry leader to raise the price; other large firms follow suit
Term
price-setter
 Definition
a firm that has control over the price of the product it sells
Term
non-price competition
 Definition
firms complete on the basis of factors other than price.