Markets, Monopolies and Competition
products made to be sold
goods
a graph that illustrates the quantity of a good supplied at different prices
supply curve
a severer decline in the U.S. economy during the 1930's
Great Depression
rare or short supply
scarce
tax on an import
tariff
a relationship that makes buying and selling easier
market
the point at which demand is equal to supply
market equilibrium
period when a country's GDP grows
expansion
anything found in nature that can be used to produce goods and services
natural resources
to show differences
contrast
the control or domination of an industry by a single supplier
monopoly
forces that influence the exchange of goods and services in a market economy
supply and demand
government policies to provide relief for workers and create business reforms
stimulus
efforts of people who process natural resources or produce services
labor
money that is paid out by a government
expenditures
useful work that does not create an actual product but meets someone's need and is sold in the market
service
as the prices of a good rises, the demand falls, as the price falls, the demand rises
law of demand
a decline in a country's GDP for at least two quarters
recession
equipment used to process natural resources into goods or to deliver services
capital
taxing and spending policies of a government
fiscal policy
a process of offering price, quality or other advantages to two or more suppliers to try to gain the business of a buyer
competition
the middle number when numbers are sorted least to greatest
median
the necessities or comforts essential to life or aspired to by an individual
standard of living
to reach a conclusion or opinion based on facts or evidence presented
inference
government payment to an individual or business to encourage or protect a particular economic activity
subsidy