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Economics Review
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Econ Review 2
Definomics
100
Obstacles that prevent firms from entering particular markets
What is barriers to entry
100
Product market served by only one firm
What is a Monopoly
100

This arises when a a seller does not have enough product to meet the demand

What is a shortage

100
Limited quantities of resources to meet unlimited wants
What is Scarcity
100

GDP per capita is used to evaluate standard of living and is calculated by dividing GDP by this

What is population

200

The practice working with the other competitor in the market to set unfair prices is called this

What is Price Discrimination/Collusion

200
Policies by which the government sets the prices in an industry
What is Price Controls
200
Physical objects such as shoes, clothes, and cars
What is Goods
200

Situation in which a there is too much supply of a good

What is a surplus

200
Command Economy
What is economic system in which a central authority is in command of the economy
300

Market with a small number (FEW) of firms selling the same product

What is Oligopoly

300
When the government doesn’t allow the price of a product to go over a certain price
What is Price Ceiling
300

Set of laws designed to promote competition in the marketplace and eliminate trusts and monopolies

What is Anti-trust Policies

300
An alternative that we sacrifice when we make a decision
What is Trade-Off
300
Invisible Hand
What is term used to describe the self-regulating nature of the marketplace
400
Group of firms that agree to work together and act like a monopoly (think gangs and drug smuggling)
What is Cartel
400
Something like air, food, or shelter which is necessary for survival
What is Need
400

The central bank of the United States

What is the Federal Reserve?

400
The most desirable alternative given up as the result of a decision
What is Opportunity Cost
400
Laissez-Faire
What is a doctrine that states that government generally should not intervene in the marketplace
500

This market structure arises when there there are many firms selling the same exact product

What is Perfect Competition

500
The study of how people seek to satisfy their needs and wants by making choices?
What is Economics
500

Name 1 form of monetary policy or fiscal policy

What is answers will vary

500

The price of a good goes up and people stop buying the good

What is elastic

500

The rivalry among sellers to attract customers while lowering costs and keep prices stable is known as

Competition