Types of Competition
This type of competition has many firms selling identical products.
What is perfect competition?
The point where supply and demand curves intersect.
What is equilibrium price?
These are the four basic factors of production.
What are land, labor, capital, and entrepreneurship?
The basic economic problem of having unlimited wants but limited resources.
What is scarcity?
The person on the U.S 100 dollar bill
Who is Benjamin Franklin?
This market is dominated by one single seller.
What is a monopoly?
If price goes up and demand goes down, this principle is at work.
What is the law of demand?
This system relies on supply and demand with minimal government involvement.
What is a market economy?
Making one choice means giving up another. This is called a(n) ___.
What is a trade-off?
The common product which experienced a massive demand shock during the pandemic.
What is toilet paper?
In this market structure, a few large firms dominate the industry.
What is an oligopoly?
A shift in supply to the left means this is happening to supply.
What is supply in decreasing?
This type of economy is controlled by the government.
What is a command economy?
The next best alternative given up when making a choice.
What is opportunity cost?
The shark with the highest net worth on Shark Tank.
Who is Mark Cuban?
This structure features many sellers offering slightly different products.
What is monopolistic competition?
Name one factor that can cause demand to increase.
What is increased income, trends, advertising, etc.?
What is producing more output with the same or fewer inputs?
What is productivity?
Why do people and nations have to make choices?
What is because resources are limited?
The author of the Wealth of Nations.
Who is Adam Smith?
In which type of competition is advertising especially important to make products stand out?
What is the term for how sensitive consumers are to price changes?
What is elasticity?
This person takes a risk to start a business and bring new ideas to market.
What is an entrepreneur?
If a country produces only the goods it makes best, it is practicing what concept?
What is specialization?
The person who defined hyperinflation to be around 50%.
Who is Phillip Cagan?