Monopolies
This monopoly exists when the government either owns and runs the business or authorizes only one producer
What is Government monopoly?
This competition occurs when many sellers offer similar, but not standardized, products
What is Monopolistic competition?
This is the practice of making a purchase now and paying for it in the future
What is Credit?
A plan for allocating income for saving and spending
What is a Budget?
A group that acts together to set prices and limit output
What is a Cartel?
This monopoly occurs when a firm controls a manufacturing method, invention, or type of technology
What is Technological monopoly?
This competition occurs when producers use factors other than low price to try to convince customers to buy their products
What is Nonprice competition?
Borrowed money repaid with interest
What is a loan?
The amount needed in an account to avoid fees
What is a Minimum Balance Requirement?
This makes it hard for a new business to enter a market
What is a Barrier to Entry?
This type of monopoly exists when there are no other producers within a certain region
What is Geographic monopoly
This competition is the ideal model of a market economy
What is Perfect competition?
This describes a consumer's credit record
What is a Credit report?
A check that exceeds the account balance
What is an Overdraft?
This gives an inventor the exclusive property rights to that invention or process for a certain number of years
What is a Patent?
This monopoly occurs when the costs of production are lowest with only one producer
What is Natural monopoly?
This occurs in markets that have few sellers or products that are not standardized
What is imperfect competition?
The number that summarizes your credit worthiness
What is a Credit Score?
The cost of a loan
What is a Finance Charge?
The expenses that a new business faces when it enters a market
What are Start-up costs?
The use of someone else's personal information for criminal purposes
What is Identity Theft?
The amount of interest charged per year
What is Annual Percentage Rate (APR)?
This reduces or removes government control of business
What is Deregulation