BusinessStructure
& Market Competition
Who knows?
Demand & Supply
Demand & Supply II
International Trade
100
Type of business tructure with 2 or more owners, unlimited liability, share profits
Partnership
100
What is a business structure where there is one firm that dominates the industry, no price competition
Monopoly
100
What is an economic model that shows supplier output
Supply Curve
100
What is the reason for demand shift: Beanie Babies are popular
Consumer taste change - (fad)
100
When a country can produce more of a product and is better at production
Absolute Advantage
200
What is business structure where owner makes his or her own decisions, responsible for profits & losses, unlimited liablility
Sole Proprietorship
200
What is a type of market structure where there are many firms, non-price competition, similar products and product differentiation
Monopolistic Competition
200
What is the theory: when price goes up, consumer consumption goes down, when price goes down, consumer consumption goes up?
Law of Demand
200
What is the reason for change in demand: the price of hot dogs goes down, demand for hot dog buns goes up
Compliments
200
What are at least 3 barriers to trade?
tariffs embargos exchange rates inspections quotas
300
What is a business structure where owners have limited liability, key benefit - easy to raise capital
Corporation
300
What is an economic model that shows interdependence among buyers, sellers, government, and other countries
Circular Flow of Economics
300
What is the theory that states: when prices go down, suppliers will supply less, when prices go up, suppliers will supply more
Law of Supply
300
What is the reason for changes in demand: the price of beef goes up, demand for chicken goes up
Substitutes
300
When a country can produce at a lower opportunity cost
Comparative Advantage
400
What is a market structure with many firms, selling identical products, easy entry or minimal barriers to entry and no price competition
Pure or Perfect Competition
400
What is an economic model that shows opportunity costs
Production Possibilities or Production Possibilities Frontier
400
What is a cause for shift in demand: snow predicted, consumers demand more snow shovels
Expectations
400
What are 5 reasons for shifts in supply?
Unmotivated workers government regulations & taxes cost of inputs number of suppliers new technology
400
Interdependent world economy is known as
What is globalization
500
What is a market structure where there are few firms, similar products, product diferentiation, some price competition and non price competition
Oligolopoly
500
What is an economic model that represents consumer consumption
Demand Curve
500
What is the cause for shift in demand: employees take a pay cut, consumption goes down
Income
500
What happens to the supply curve when more suppliers enter the market (shift right or left)
Shift Right
500
C + I + G + F (x-m) = GDP
What is the formula for the output expenditure model of GDP?
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