Market Structures
It's typically represented as having complete control over an entire industry.
What is a Monopoly
What is fiscal policy?
This is the growing interdependence of the world's economies, cultures, and populations.
What is globalization?
Currently, in the US, this is totaled close to $33 trillion dollars.
What is the Federal/Public Debt?
The Consumer Price Index (CPI) is a general measure of this feature of our economy.
What is inflation?
Entry into this market structure is generally easy, but the companies have no influence over product price (market power) because all products are identical. (i.e. agricultural goods)
What is pure competition?
Monetary policy is their toolbox.
Who is the Fed (Federal Reserve)?
When measuring the strength of a nation's economy we can use the monetary value of all the finished goods and services produced within that country's borders in a specific time period, often referred to as this.
GDP/Gross Domestic Product
Countries that hold US debt (we owe them money) would likely want to see our budget reflect this.
What is a surplus or balanced budget?
Of the following, this is not part of the business cycle.
Recovery / Retraction / Recession / Expansion
What is Retraction?
This market structure tends to have multiple companies selling similar, but not identical products.
What is Monopolistic Competition?
This type of fiscal or monetary policy is used to fight inflation.
What is a contractionary policy?
This is the name given to the trade deal that replaced NAFTA.
What is the USMCA?
Of these budgetary items, this one is not even within the top five.
Healthcare / Military / Transportation / Interest on Debt
What is transportation?
What is an expansion (expansionary phase)?
This structure usually only has a few companies that maintain control of an industry or sector of the market.
What is an Oligopoly?
What is monetary policy?
An embargo could best be defined as this.
What is a ban on trade?
This is the value of a country's currency vs. that of another country or economic zone.
What is an exchange rate?
This is the ability of a country to produce more of a good or service than its competitors, using the same amount of resources.
What is Absolute Advantage?
Regional power companies, cable providers, and water are typical industries in this type of market structure.
What is a natural monopoly?
An expansionary fiscal or monetary policy might be used to pull the economy out of this phase of the business cycle.
What is a trough/recession/depression?
Importing and exporting goods to foreign nations can come with extra costs depending on the item and its destination. They are known as this.
What are tariffs?
The US currently runs one of these. (We spend more than we make in tax revenue.)
What is a deficit?
This is the reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry.
What is deregulation?