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