Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
34 Cards in this Set
- Front
- Back
|
resource immobility is an obstacle to
|
efficient resource allocation
|
|
|
Franchise
|
company has exclusive rights to do business in an area
|
|
|
Laissez-faire
|
philosophy that government should not interfer with commerce
|
|
|
economies of scale
|
situation in which large size leads to effeciency
|
|
|
oligopoly
|
market situation in which there are only a few large sellers of a product
|
|
|
pure competition
|
market situation in which a large number of independent and well-informed buyers and sellers deal with identical products
|
|
|
monopoly
|
market situation in which there is only one seller of a product that has no close substitutes
|
|
|
well-informed buyers and sellers
identical products independent buyes and sellers |
Characteristics of pure competition
|
|
|
geographic monopoly
|
type of monopoly that is a result of location of a business
|
|
|
types of market structure
|
pure competition
oligopoly monopolistic competition |
|
|
collusion
|
sometimes takes the form of price-fixing
|
|
|
pure competition
|
includes independent and well-informed buyers and sellers
|
|
|
monopoly
|
only one seller of a product with no close substitutes
|
|
|
price war
|
competing producers underselling each other
|
|
|
industry
|
the supply side of the market
|
|
|
patent
|
provides government protection to inventors
|
|
|
nonprice competition
|
the use of product differentiation and advertising to attract buyers
|
|
|
interdependent behavior
|
copeting companies follow each other's actions
|
|
|
capitalism
|
economic system based on the theory of laissez-faire
|
|
|
steel and automobile industry is an example of what market structure?
|
oligopoly
|
|
|
Pure competition
|
large number of buyers and sellers exist
|
|
|
To stop unfair business practices what is used
|
a cease and desist order
|
|
|
Public utility companies are an example of what type of monopoly?
|
natural monopolies
|
|
|
United States Constitution
|
contains the inventors right to protection
|
|
|
condition needed for the success of a competitive Market is
|
product loyalty of consumers
|
|
|
To stop unfair business practices what is used
|
a cease and desist order
|
|
|
Public utility companies are an example of what type of monopoly?
|
natural monopolies
|
|
|
United States Constitution
|
contains the inventors right to protection
|
|
|
condition needed for the success of a competitive Market is
|
product loyalty of consumers
|
|
|
List three reasons the government is involved in the US economy.
|
1.promote and encourage competition
2.prevent monopolies that deny the public the benefits of competion 3. regulate industries in which a monopoly is in the public interest |
|
|
Give an example of public disclosure law.
|
requiring content labels on food products
|
|
|
the first effective federal legislation to regulare big business was enacted in the ________ century
|
nineteenth
|
|
|
The FTC was established to regulate
|
interstate commerce
|
|
|
The Clayton Antitrust Act
|
outlawed price discrimination
|
