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Microeconomics Vocabulary

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  • A market in which many competitors sell an identical product like potatoes, corn, and coffee.
    monopoly
    pure competition
    oligopoly
    monopolistic competition
  • Situation in which supply exceeds demand.
    shortages
    monopoly
    surplus
    resources
  • Sitution in which demand exceeds supply.
    monopoly
    surplus
    resources
    shortages
  • Money that must be paid to a government.
    taxation
    elastic
    inelastic
    regulation
  • All things used in producing goods and services.
    capital
    resources
    equilibrium
    shortages
  • A market in which many companies sell products that are similar but not identical.
    pure competition
    monopoly
    monopolistic competition
    oligopoly
  • Demand that reacts to change in price.
    elastic
    surplus
    taxation
    inelastic
  • A business owned by two or more people.
    monopoly
    sole proprietorship
    corporation
    partnership
  • A legal obligation to pay debt.
    inelastic
    taxation
    shortages
    liability
  • Demand that does not react to change in price.
    elastic
    taxation
    resources
    inelastic
  • A business structure that is legally owned by stockholders.
    sole proprietorship
    pure competition
    corporation
    partnership
  • Land, labor, capital, and other obstacles that may prevent new competitors from entering a market.
    factors of production
    pure competition
    entry barriers
    disequilibrium
  • The point where supply and demand curves meet.
    equilibrium
    disequilibrium
    regulation
    deregulation
  • The government's role in business that affects production.
    deregulation
    price control
    corporation
    regulation
  • Mutual reliance between two or more groups.
    inelastic
    shortages
    interdependency
    determinants
  • A business owned by one person.
    services
    partnership
    corporation
    sole proprietorship
  • A government restriction on the price of a good or service.
    price control
    corporation
    services
    deregulation
  • A market in which there are many buyers but only one seller
    monopoly
    oligopoly
    monopolistic competition
    pure competition
  • Physical outputs such as paper and electronics.
    goods
    resources
    monopoly
    surplus
  • A market in which only a few sellers offer similar or identical products.
    monopoly
    monopolistic competition
    pure competition
    oligopoly
  • The REMOVALof some government controls over a business.
    deregulation
    regulation
    corporation
    determinants
  • Factors other than price determine a demand curve shift.
    determinants
    equilibrium
    deregulation
    price control
  • The study of the economic behavior of individuals, households, and other small units.
    deregulation
    pure competition
    microeconomics
    disequilibrium
  • Any price or quantity that does not meet equilibrium; supply and demand do not meet.
    microeconomics
    entry barriers
    disequilibrium
    equilibrium
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