E14 Flashcards
1
Q
Monopoly power
A
A Firm has more than 25% of the market share
2
Q
Oligopoly
A
Market with limited competition
3
Q
Natural monopolies
A
Monopolies that provide essential services such as electricity
4
Q
Surplus
A
When more is produced than required
5
Q
Medium of exchange
A
Commodity,currency or a financial instrument used in commercial transactions between buyers and sellers
6
Q
Deferred payment
A
A loan arrangement in which the borrower is allowed to start making payments at some specified time in the future
7
Q
Store value
A
Measuring the worth of goods and services
8
Q
Specialisation
A
Focusing on making one product or service
9
Q
Effective demand
A
The consumers must be willing and able to buy the good or service
10
Q
Inferior goods
A
A Good which demand falls when income rises
