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Chapter 6 Vocab
Chapter 6 Vocab
24
Economics
12th Grade
04/15/2014

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Term
Perfect Competition
Definition
ideal market structure where consumers and producers compete c
Term
Buyers
Definition
Consumers
Term
Sellers
Definition
Producers
Term
Monopoly
Definition
One seller controls production of one good or service
Term
Monopolistic Competition
Definition
sellers offer different rather than identical products
Term
differentiate
Definition
point out differences
Term
product differentiation
Definition
point out difference to consumers
Term
non-price competition
Definition
compete based on prices
Term
oligopoly
Definition
market structure where a few large sellers control most of a product
Term
interdependent pricing
Definition
pricing in response to competitors
Term
price leadership
Definition
largest seller takes the lead in the market
Term
price war
Definition
sellers undercut each others prices
Term
collusion
Definition
sellers secretly agree to set price/production levels.
Term
natural monopolies
Definition
feature a ingle large seller that produces most efficiently
Term
economies of scale
Definition
sellers large size allows it to use its resources most efficiently
Term
geographic monopolies
Definition
monopoly forms because of its geographic location
Term
technological monopoly
Definition
monopoly forms when new tech. comes into play
Term
patent
Definition
grants a single entity exclusive right to use a invention/discovery
Term
copyright
Definition
gives artists exclusive rights to publish and sell their works
Term
government monopoly
Definition
Government owned monopolies, usually based on basic necessities
Term
trust
Definition
huge monopolies
Term
laiseez-faire
Definition
economic philosophy
Term
antitrust legislation
Definition
laws to monitor/regulate big business
Term
price discrimination
Definition
different prices to different customers
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