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9 Cards in this Set
- Front
- Back
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invisible hand
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phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all
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market price
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price determined by supply and demand
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mixed economics
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economic systems in which some allocation of resources is made by the market and some by the government
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monetary policy
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management of the money supply and interest rates
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monopolistic competition
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market situation in which large number of sellers produce products that are very similar but that are perceived by buyers as different
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perfect competition
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market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product
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oligopoly
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form of competition in which just a few sellers dominate the market
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monopoly
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market in which there is only one seller for a product or service
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socialism
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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
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