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Economics Review
Economic Terms
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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 single seller can supply the entire market at lower average total cost than two or more sellers
What is economies of scale
100
Limited quantities of resources to meet unlimited wants
What is Scarcity
100
Standard of Living
What is Level of Economic Prosperity
200
The practice of charging different customers different prices for the same good
What is Price Discrimination
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 are Goods.

200
Situation in which a good or service is temporarily unavailable
What is Shortage
200
Command Economy
What is economic system in which a central authority is in command of the economy
300
Market with a small number 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.
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

US Govt agency that prevents unfair or fraudulent business practices. (FTC)

What is Federal Trade Commission

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 arises when there is not enough competition among firms to prevent individual firms from raising their price above the equilibrium level?
What is Imperfect Competition
500
The study of how people seek to satisfy their needs and wants by making choices?
What is Economics
500
Land, Labor, Capital; three groups of resources that are used to make all goods and services?
What is Factors of Production
500
The highest price a consumer is willing to pay to own one more unit of the product
What is Reservation Price
500
Competition
What is The rivalry among sellers to attract customers while lowering costs