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20 Cards in this Set

  • Front
  • Back
Sherman Anti- Trust Act
baned any agreements and actions
Interstate Commerce Act
to oversee railroad rates; currently regulates railroads.
Natural Monopoly
single large seller that produces a good or service most efficiently.
Product Differentation
Producers use this method to seperate them and their competitors.
Perfect Competition
Both buys and sellers compete under the laws of supply and demand.
Patent
grants a company or an individual the exclusive right to produce, use, rent, and sell and invention 4 a limited time.
Laissez-Faire
a philosophy that states that economic systems prosper when the government does not interfere with the market in any way.
Oligopoly
a market structure in which a few large sellers control most of the production of a good or service.
Copyrights
government gives esclusive rights to publish, duplicate, perform, display, and sell their creative works.
Cartel
companies openly organize a system of price setting and market sharing.
Non Price Competition
emphazing on the brand name instead of the price.
Market Failure
fails to account for some costs and therefore cannot distribute them appropriately.
Shortage
Lack of something. Like PS3 More PPl Want that have to give out.
Market Equilibrium
quantity demand and quanity supplied are equal in price.
Price Ceiling
is a government regulation that establishes a mazimum price for a good.
Price System
steers all producers and consumers toward market equilibrium by responding to demand and supply imbalances.
Rationing
is a system in which a government or other institution decides how to distribute a product.
Black Market
good are illegally exchanged at prices that are higher than officially established.
Negative Externality
Pollution
Positive Externality
The Hard Hat