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Chapter 6
n/a
25
Anatomy
12th Grade
04/16/2014

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Cards

Term
Perfect competition
Definition
Pure competition is an ideal market structure
Term
Buyers
Definition
Buy supploes
Term
Sellers
Definition
Sell supplies
Term
Monopoly
Definition
Sellers controls all production of a good or service
Term
Differentiate
Definition
Point out differences
Term
Nonprice competition
Definition
They compete on a basis other than price
Term
Monopolistic competition
Definition
Differs from perfect competition in one key respect
Term
Oligopoly
Definition
Market structure in hich a few large sellers control most of the production good or service
Term
Interdependent pricing
Definition
Being very responsive
Term
Price leadership
Definition
Which one of the largest sellers in the market takes the lead by setting a price for its product
Term
Price war
Definition
Sellers aggressively undercut each others prices in an attempt to gain market share
Term
Collusion
Definition
Sellers secretly agree to set production levels
Term
Cartel
Definition
Companies openly organizes system of price setting and market sharing
Term
Natural monopolies
Definition
Feature a single large seller that producers a good or service most efficiently
Term
Economies of scale
Definition
Sellers large scale or size allows it youse it's human capital and other resources more efficiently ad economically than if those resources more efficiently and economically
Term
Geographic monopolies
Definition
Sometimes a monopoly forms because a markets ptoential profit is do limited by its geographic location that only a single seller decides to enter the market
Term
Technological monopolies
Definition
Some monopolies develop when a producer develops new technology
Term
Patent
Definition
Grants a company
Term
Copyrights
Definition
You can't duplicate some ones stuff
Term
Government monopoly
Definition
Provide public goods that cannot always be supplied
Term
Trusts vl,
Definition
Big business as huge monopolies
Term
laissze faire
Definition
Economic losophy
Term
Antitrust legislation
Definition
Relationship between business and government
Term
Price discrimination
Definition
Practice of offereing different prices to different customers
Term
product differentiation
Definition
set their products apart
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