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9 Cards in this Set

  • Front
  • Back
invisible hand
phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all
market price
price determined by supply and demand
mixed economics
economic systems in which some allocation of resources is made by the market and some by the government
monetary policy
management of the money supply and interest rates
monopolistic competition
market situation in which large number of sellers produce products that are very similar but that are perceived by buyers as different
perfect competition
market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product
form of competition in which just a few sellers dominate the market
market in which there is only one seller for a product or service
economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be evenly distributed among the people