Terms
Government Intervention
Economic Systems
Potpourri
and even more Potpourri
100
total amount invested in the production of a good
What is input
100
investigates trade practices
What is Federal Trade Commission
100
based upon custom, heredity and caste
What is traditional
100
occurs when a single firm can fill the demand for a good more efficiently
What is natural monopoly
100
excess of the total revenue paid by buyers for goods over the seller's total expense of producing those goods
What is profit
200
total value of a business minus any liabilities
What is equity
200
implemented in 1890 to regulate monopolistic trusts
What is Sherman Act
200
controlled by a centralized authority
What is command
200
sent to producers to let them know what goods are wanted at what prices
What are market signals
200
total amount of satisfaction received from a particular amount of some good
What is total utility
300
value of the best alternative that is foregone when a different alternative is taken
What is opportunity cost
300
result when the government imposed price ceiling keeping the price for an apartment to not raise above equilibrium
What is a shortage
300
attribute from free market system that makes better standard of living for everyone in a prosperous society..keeps prices low
What is competition
300
retail clothing industry is an example of
What is monopolistic competition
300
provides goods
What is a producer
400
forces the consumer to buy certain products before he is able to buy what he really wants
What is tying contract
400
government can impose this upon imports as a tool to support protectionism
What are tariffs
400
Concept from Adam Smith as an observation regarding free trade......causes market to "self correct"
What is "Invisible Hand"
400
American automobile industry is an example of
What is an oligopoly
400
quality of producing effectively with a minimum of waste
What is Efficency
500
total amount of a good produced
What is output
500
passed in 1914 that addressed practices not addressed in earlier laws
What is Clayton Act
500
favored a "natural economy"
who are the physiocrats
500
amount of satisfaction resulting from a one-unit increase of a product
What is marginal utility
500
***************DOUBLE JEOPARDY************ the four factors of production
What is natural resources, labor, capital, entrepreneurship
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