Market Structure
Market structure with one business that has complete control of a market's entire supply of goods and services
What is a Monopoly?
Activities involved in buying and selling goods on a large scale.
What is Commerce?
Central Bank of the United States created by Congress in 1913.
What is the Federal Reserve System?
How the government pays for goods and services.
What is by collecting taxes?
Promote fair trade and competition among businesses.
What are Antitrust laws?
A large number of businesses selling similar, but not the same, products at different prices. Also known as imperfect competition.
What is monopolistic competition?
When the government enacts and enforces laws and regulations to control individual and business activities.
What is the government as a regulator?
Another name for the Federal Reserve system which looks at many economic indicators to evaluate the health of the economy.
What is the Fed?
Humble Middle School is an example of what service offered by the government?
What is public education?
This act was created in 1890 and supports fair commerce and trade by making the formation of monopolies and agreements to practice price fixing illegal.
What is the Sherman Antitrust Act?
A market structure with a small number of businesses selling the same or similar products. ex. airlines, automobiles.
What is an oligopoly?
When the government makes available goods and services for the public benefit in various areas, such as safety, education, and various welfare programs.
What is the government as a provider?
The total money circulating at any one time in a country.
What is money supply?
If someone robs a local bank, what service offered by the government takes place?
What is police protection?
This act prohibits unfair competition in interstate commerce. It also created the Federal Trade Commission to oversee related business activity.
Federal Trade Commission Act(1914)
A large number of businesses selling the same product at the same prices. ex. grocery chains.
What is Perfect competition?
Tax and spending decisions made by the president and Congress.
What is Fiscal Policy?
Occurs when competing businesses work together to eliminate competition by misleading customers, fixing prices, and other fraudulent practices.
What is collusion?
People who are less fortunate, financially, such as retirees, disabled citizens, veterans, and disaster victims are helped by the government by what?
What are social programs?
This act prevents the formation of monopolies that will reduce competition.
The Clayton Antitrust Act(1914)
A competitive advantage based on factors other than price.
What is nonprice competition?
Policy that regulates the supply of money and interest rates by a central bank in an economy.
What is monetary policy?
How the government manages the economy.
What is through fiscal and monetary policies?
Which government agency provides relief to disaster victims like hurricanes and earthquakes?
What is FEMA?
Something that is not directly connected to an economic activity, but affects people.
What is an externality?