This occurs where the supply curve and demand curve meet.
What is equilibrium price?
100
Coke and Pepsi are a great example of this type of competitive situation.
What is an oligopoly?
100
Natural resources used to make a product is an example of this factor of production.
What is land?
100
This vocabulary word means that only one business sells an item. There are no substitutes for it.
What is a monopoly?
200
This type of business is usually owned by two or more people.
What is a partnership?
200
This is the area above the equilibrium price on the supply and demand graph.
What is surplus?
200
MidAmerican Energy is a great example of this type of competitive situation for people living in Fort Dodge.
What is a (geographic) monopoly?
200
The people that build something is a great example of this factor of production.
What is labor?
200
This vocabulary word means good and services provided by the government.
What is a public good?
300
This type of business is usually owned by stockholders.
What is a corporation?
300
This is the area below the equilibrium price on the supply and demand graph.
What is a shortage?
300
Farmers growing corn is a great example of this type of competitive situation.
What is pure competition?
300
The creative ideas that go into making a product is this factor of production.
What is entrepreneurship?
300
This vocabulary word means that some individuals or countries can produce more of a good than others.
What is an absolute advantage?
400
In this style of business, one person receives all of the profits.
What is a sole proprietorship?
400
This is the curve on the supply demand graph that has a positive slope (which means the more that is available, the higher the price).
What is the supply curve?
400
Dial, Zest, Irish Spring, and Dove are great examples of this type of competitive situation.
What is a monopolistic competition?
400
These are improvements that are made to land and resources.
What is capital?
400
This vocabulary word means prices rise because there is too much money and not enough goods and services
What is inflation?
500
This type of business can "live" forever.
What is a corporation?
500
This is the curve on the supply demand graph that has a negative slope (which means the more that the higher the price, the less there are).
What is the demand curve?
500
According to our readings in class, this is the most common type of competitive situation in the United States. (Hint, it is why there are so many ads for this group).
What is monopolistic competition?
500
As discussed in class, what does Mr. McCabe (and other economic experts) believe is the most important factor of production today?
What is entrepreneurship?
500
This vocabulary word means that the government decides what and how much to produce.