One
A single company with all the control.
Monopoly
sum of all goods and services or output produced in an economy over a time
gross domestic product
A period of time in which the economy goes down
recession
You buy 35 pairs of shoes
personal consumption
Where market demand equals market supply
market equilibrium
Many companies selling similar but not identical products
Monolistic Competition
products coming into a country
imports
What people are willing to buy
personal consumption
a mechanic buys a new tow truck
Investment
This is more than what is needed
surplus
A market dominated by a few large sellers.
oligopoly
Price of goods go up
inflation
Expenditure on capital goods
Investment
Jerry buys two packs of gum
personal consumption
Where market demand is greater than market supply
shortage
A market with a big range of sellers selling the same good
pure competition
Rate at which the amount of people are working
employment rate
Money spent by the government to provide services and stimulate the economy
Government spending
A listing that shows the various quantities demanded
demand schedule
A person who buys goods and uses services
consumer
Organizational characteristics and competition in a market
market structure
A mandatory payment to the government
taxes
What are next exports
exports minus imports
As prices increase, supply increases
the law of supply
Someone who makes goods or offers a service
producer