ECON 6-7 Flashcards
These are the individual characteristics of each particular industry in our economy.
Market Structure
In a Perfect Competition, what is equal?
Price is = to Demand
This refers to a market situation where a relatively large amounts of sellers selling products that may not be identical
Monopolistic Competition
This is the structure when there are few large firms producing a homogeneous or differentiated product that are dominated or much needed by the market, characterized by few players and dominated by many firms and small number of large producers.
Oligopoly
These are payments by the government for which no current goods and services are produced/received and henceforth not included in Government Purchases.
Transfer Payments
This means that the proportion of total market sales held by the top number of firms accounts for a huge percentage of all sales in the industry.
Concentration Ratio
The demand curve of products under perfect competition are perfectly _____ and should have an output of what?
Perfectly Elastic and should produce an output where MR=MC
This structure has a kinked demand curve
Oligopoly
This is the total wage, salaries and etc. of the employed and self employed of most economies and this comprises two thirds of the total GDP
Labor Income
The demand curve of products under monopolistic competition is?
Elastic
This is any tangible asset usually bought or invested on by an organization for the purpose of producing goods and services.
Capital Goods
This is the difference between exports and imports
Net Exports
This is the spending by firms on final goods and services, primarily capital goods.
Investment
The 4 categories of GDP players are?
Household Firm. Government, Foreign Sector
This is the spending by households on goods and services, and constitutes the largest share of the nation’s output.
Consumption Expenditure
