Market Structures
Only show in town! This type of competition features a single market participant, extremely high barriers to entry, and is often supported by the government through patents
What is a monopoly?
Costs that change based on the level of production are known as these:
What are variable costs?
This indicator is also known at the percentage of working age, job seeking adults currently without employment`
What is the unemployment rate?
According to Inequality for all the US has the most unequal distribution of this among advanced nations:
What is wealth or income?
This San Francisco-area bank collapsed due to its reliance on uninsured investments and crypto:
What is Silicon Valley Bank?
Brand loyalty! This market structure features few/no barriers to entry, similar yet differentiated products, and a large number of sellers in the market
What is monopolistic competition?
Costs that remain constant despite varying levels of production are also known as these:
What are fixed costs?
This is the measurement of the dollar value of all goods and services produced in a country in a given year:
What is Gross Domestic Product?
What happened following the top 1% reaching all-time highs in wealth/income ownership in 1928 and 2007?
What is an economic collapse?
This results from two consecutive quarters of negative GDP growth:
What is a recession?
Exclusive club! This market structure features few sellers controlling most of the market, and high barriers to entry. These include cartels, internet search and wireless providers, and computer manufacturers, to name a few:
What is oligopoly/oligopolistic competition?
These are the combination of fixed & variable costs:
What are total costs?
Real GDP divided by the total population of a country is also known as this:
What is Real GDP Per Capita?
According to Robert Reich, this is the consequence of automation of the work force:
What are lower employee wages?
This is essentially a government-back monopoly, allowing a producer of a good or service exclusive rights to produce the good/service
What is a patent?
What is perfect competition?
the change in total product that results from hiring one more worker is known as this:
What is marginal product?
GDP measures fail to account for those economic activities that go unreported because they’re illegal or those engaging in them are avoiding taxation, also known as:
What is the underground economy?
According to Inequality for All, this is the paradox of the wealthy and their spending
What is they don't spend enough?
This strategy is employed by companies that involves controlling every step in the production of a good or service:
What is vertical integration?
This type of strategy employed by those seeking monopoly power involves buying up competitors who offer the same product/service:
What is horizontal integration?
Danger! When hiring employee 4, I make 50 more widgets, but when I hire employee 5, I only make 27 more widgets. This phenomenon is known as:
What is diminishing returns?
People usually buy these items when they are confident about the economy and their futures, a sign of economic health
What are durable goods?
What is Japan?
GDP includes these four components:
What is consumption, government spending, investment, and net exports?