Intro to Econ
Microeconomics
Market Structures
Business & Labor
Stock market
100
Limited supply
What is scarcity
100
When consumers are willing and able to pay for a good or service
What is demand
100
Challenges to entering a new market
What are barriers to entry
100
A business structure where two individuals equally share liability
What is a general partnership
100
A portion of ownership in a company sold to the public
What is a share
200
Temporary inability to meet demand
What is a shortage?
200
As the price increases, so does the quantity
What is the law of supply
200
Market structure where many firms compete with identical products
What is perfect competition
200
A business structure where one individual has sole liability for the company
What is a sole proprietorship
200
An index of the stock performance 30 top companies on the NYSE
What is the Dow
300
The regulating force of the market
What is competition
300
Results in an excess of demand if it is below market equilibrium
What is a price ceiling
300
Market structure where a few companies dominate the market
What is oligopoly
300
Formal contract negotiations between union and business leaders
What is arbitration
300
A period of time when the value of stock shares is steadily increasing
What is a bull market
400
The philosophy that the economy works best if left alone by the government
What is laissez faire
400
Results in a surplus if above market equilibrium
What is a price floor?
400
Market structure where many companies compete with diversified products
What is monopolistic competition
400
Graduating from college makes people more likely to get hired, even if their major has nothing to do with the job
What is the screening effect
400
The consequence of selling a stock shares for a lower price than they were when originally purchased
What is capital loss
500
Government aid in the form of goods or direct services, such as food stamps or subsidized housing
What is in-kind transfers
500
The additional cost of producing one more unit of output
What is marginal cost
500
When firms, often operating as cartels, decide together to set prices higher than market equilibrium
What is price collusion
500
When two companies become one
What is a merger
500
The federal regulatory body that oversees the stock market
What is the Securities and Exchange Commission
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