Competition
A group of firms that produce similar services.
What is industry?
This is the sum cost of all the factors of production used in making goods.
What is total cost?
The commitment of resources to project or pursue to bring future profit.
What is an investment?
This New Deal program insures all bank accounts up to $250,000.
What is the FDIC?
December 19, 1988
Who is Ms. Plummer?
This is a market in which there are many sellers and buyers and all firms produce a standardized product.
What is perfect competition?
This is the ability of one entity to produce goods or provide services for efficiently than his competitors when given the same resources.
What is absolute advantage?
According to economists, this is anything generally accepted as a means of payment.
What is money?
This is a contract between 2 parties in which party protects another against certain types of loss.
What is insurance?
January 13, 1986.
Who is Ms. Huber?
This is market in which there is only one supplier of a good.
What is a monopoly?
This is the ability of an entity to produce a good or provide a service at an opportunity cost that is lower than that of another producer.
What is comparative advantage?
Coined or metallic money.
What is specie?
This is when an employer promises to pay an employee a certain amount per month after retirement based on the employee's salary and length of service.
What is a defined benefit plan?
September 13, 1985
Who is Ms. Foster?
This is a market in which there are only a few firms, products are differentiated or virtually the same, and potential competitors are discouraged from entering the market by significant entry barriers.
What is an oligopoly?
This is when there are no restrictions or penalties placed upon trading of goods.
What is free trade?
These are the most common form of saving.
What are checking accounts?
In this plan, an employer doesn't promise an employee any certain amount upon retirement, but both are required to contribute regularly to special tax-sheltered retirement account set up for the employee.
What is a define contribution plan?
October 14, 1993
Who is Ms. Johnson?
This is a group of businesses which have joined together to restrict or eliminate competition
What is a trust?
This is the practice of charging different consumers different prices for the same product.
What is price discrimination?
The asserted value.
What is face value?
This Congressional Act, passed in 1935, allows people to pay into and then draw off of in retirement age.
What is social security?
June 21, 1976
Who is Mr. White?