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8 Cards in this Set
- Front
- Back
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Non-cooperative behavior
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actions by firms that ignore the effects of those actions on the profits of other firms.
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Non-price competition
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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
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Factor Intensity
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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
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monopolistic competition
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-free entry and exit
-many firms -differentiated products -quality -location -style |
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HHI Index
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calculated by squaring the market share of each firm competing in a market, and then summing the resulting number
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merger
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the combining of two or more companies
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international trade
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-the exchange of goods and services across international borders
-countries will trade with each other in order to consume beyond their production possibilities |
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comparative advantage
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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
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