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Econ Test 7/8 Flashcards

1
Q

perfect competition

A

ideal model of a market economy

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2
Q

perfect competition

A

ideal model of a market economy

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3
Q

market structure

A

economic system of competition among businesses in the same industry

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4
Q

standard product

A

one that consumers see as identical regardless of producer

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5
Q

price taker

A

a business that cannot set the prices for its products. Instead, it accepts the market prices set by the interaction of supply and demand

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6
Q

imperfect competition

A

Market structure lacking one of the conditions needed for perfect competition

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7
Q

monopoly

A

a market structure in which only one seller sells a product for which there are no close substitutes

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8
Q

Cartel

A

a formal organization of sellers or producers that agree to act together to set prices and limit output

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9
Q

price maker

A

a firm that does not have to consider competitors when setting the prices of its products

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10
Q

barrier to entry

A

makes it hard to enter a market

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11
Q

natural monopoly

A

market situation in which the costs of production are lowest when only one firm provides output

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12
Q

government monopoly

A

a monopoly that exists because the government either owns and runs it, or authorizes its producers

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13
Q

technological monopoly

A

a monopoly that exists because the firm controls a manufacturing method, or a type of technology

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14
Q

geographic technology

A

a monopoly that exists because there are no other producers or sellers within a certain region

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15
Q

economies of scale

A

an economic situation in which the average cost of production falls as the producer grows larger

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16
Q

patent

A

legal registration of an invention or a process that gives the inventor exclusive property rights

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17
Q

monopolistic competition

A

many sellers offer similar, but not standardized products

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18
Q

product differentiation

A

the attempt to distinguish a product from similar products

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19
Q

nonprice competition

A

using factors other than low price - such as style, advertising, or giveaways to try to convince customers to buy a product

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20
Q

focus group

A

moderated discussion with small groups of consumers, to learn the demographics of a service

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21
Q

Oligopoly

A

market structure in which only a few sellers offer a similar product.

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22
Q

Market Share

A

percent of total sales in a market

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23
Q

start-up costs

A

expenses that a new business must pay to enter a market and begin selling to consumers

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24
Q

regulation

A

controlling business behavior through a set of rules or laws

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25
antitrust legislation
laws that define monopolies and give the power to control and break them
26
trust
group of firms combined for the purpose of reducing competition in an industry
27
merger
one company combines with or purchases another to form a single firm
28
price fixing
when businesses work together to set the prices of competing products
29
market allocation
when competing business negotiate to divide up a market
30
predatory principles
setting prices below cost so that smaller producers can’t afford to participate in a market
31
cease and desist order
ruling that requires a firm to stop an unfair business practice
32
public disclosure
requires businesses to reveal product information to customers
33
Deregulation
involves actions taken to reduce or to remove government oversight and control of business
34
business organization
an enterprise that produces goods or provides services
35
sole proprietorship
a business owned and managed by a single person
36
limited life
a situation in which a business ceases to exist if the owner dies, retires, or leaves
37
unlimited liability
a situation in which a business owner is responsible for all losses, debts, and other claims against the business
38
partnership
a business co-owned by two or more people
39
general partnership
a partnership in which partners share responsibility for managing the business and each one is liable for all business debts and losses
40
limited partnership
one partner is not involved in the day-to-day running of business and is liable only for the funds he or she has invested
41
limited liability partnership
all partners are limited partners and not responsible for the debts and other liabilities of other partners
42
market structure
economic system of competition among businesses in the same industry
43
standard product
one that consumers see as identical regardless of producer
44
price taker
a business that cannot set the prices for its products. Instead, it accepts the market prices set by the interaction of supply and demand
45
imperfect competition
Market structure lacking one of the conditions needed for perfect competition
46
Cartel
a formal organization of sellers or producers that agree to act together to set prices and limit output
47
price maker
a firm that does not have to consider competitors when setting the prices of its products
48
barrier to entry
makes it hard to enter a market
49
natural monopoly
market situation in which the costs of production are lowest when only one firm provides output
50
government monopoly
a monopoly that exists because the government either owns and runs it, or authorizes its producers
51
technological monopoly
a monopoly that exists because the firm controls a manufacturing method, or a type of technology
52
geographic technology
a monopoly that exists because there are no other producers or sellers within a certain region
53
economies of scale
an economic situation in which the average cost of production falls as the producer grows larger
54
patent
legal registration of an invention or a process that gives the inventor exclusive property rights
55
monopolistic competition
many sellers offer similar, but not standardized products
56
product differentiation
the attempt to distinguish a product from similar products
57
nonprice competition
using factors other than low price - such as style, advertising, or giveaways to try to convince customers to buy a product
58
focus group
moderated discussion with small groups of consumers, to learn the demographics of a service
59
Oligopoly
market structure in which only a few sellers offer a similar product.
60
Market Share
percent of total sales in a market
61
start-up costs
expenses that a new business must pay to enter a market and begin selling to consumers
62
regulation
controlling business behavior through a set of rules or laws
63
antitrust legislation
laws that define monopolies and give the power to control and break them
64
trust
group of firms combined for the purpose of reducing competition in an industry
65
merger
one company combines with or purchases another to form a single firm
66
price fixing
when businesses work together to set the prices of competing products
67
market allocation
when competing business negotiate to divide up a market
68
predatory principles
setting prices below cost so that smaller producers can’t afford to participate in a market
69
cease and desist order
ruling that requires a firm to stop an unfair business practice
70
public disclosure
requires businesses to reveal product information to customers
71
Deregulation
involves actions taken to reduce or to remove government oversight and control of business
72
business organization
an enterprise that produces goods or provides services
73
sole proprietorship
a business owned and managed by a single person
74
limited life
a situation in which a business ceases to exist if the owner dies, retires, or leaves
75
unlimited liability
a situation in which a business owner is responsible for all losses, debts, and other claims against the business
76
partnership
a business co-owned by two or more people
77
general partnership
a partnership in which partners share responsibility for managing the business and each one is liable for all business debts and losses
78
limited partnership
one partner is not involved in the day-to-day running of business and is liable only for the funds he or she has invested
79
limited liability partnership
all partners are limited partners and not responsible for the debts and other liabilities of other partners
80
corporation
a business owned by individuals, called shareholders or stockholders
81
stock
shares of ownership in the corporation
82
dividend
part of the profit that the company pays out to stockholders
83
public company
a corporation that issues stock that can be freely bought and sold.
84
private company
one that retains control over who can buy or sell stock
85
bond
a contract a corporation issues that promises to repay borrowed money, plus interest
86
horizontal merger
describes the joining of companies that offer the same or similar products or services
87
vertical merger
describes the combining of companies involved in different steps of production
88
conglomerate
results from a merger of companies that produce unrelated goods or services
89
franchise
a business made up of semi-independent businesses that all offer the same products or services
90
cooperative
a type of business operated for the shared benefit of the owners, who are also its customers
91
nonprofit organization
an institution that acts like a business organization, but usually benefits society
92
San Mateo vs. Southern California and 14th amendment
Said businesses should be treated as people

Gov / Econ (4 decks)

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