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8 Cards in this Set

  • Front
  • Back
Non-cooperative behavior
actions by firms that ignore the effects of those actions on the profits of other firms.
Non-price competition
competition in areas other than price to increase sales, such as new product features and advertising; especially engaged in by firms that have a tacit understanding not to compete on price
Factor Intensity
the difference in the ratios of factors used to produce a good in various industries. For example, oil refining is capital-intensive compared to clothing manufacture because oil refiners use a higher ratio of capital to labor than do clothing producers
monopolistic competition
-free entry and exit
-many firms
-differentiated products
HHI Index
calculated by squaring the market share of each firm competing in a market, and then summing the resulting number
the combining of two or more companies
international trade
-the exchange of goods and services across international borders
-countries will trade with each other in order to consume beyond their production possibilities
comparative advantage
a country has comparative advantage in producing a good if the opportunity cost of producing the good is LOWER for that country than the other country