Unit Two Lesson Seven Economics

Front

A spillover or side effect of production or consumption

Back

Externality

Front

A situation in which the market fails to allocate resources efficiently

Back

Market failure

Front

The organization of a market, based mainly on the degree of competition

Back

Market structure

Front

A market structure in which many producers supply similar but varied products

Back

Monopolistic Competition

Front

A market structure in which a single producer supplies a unique product that has no close substitutes

Back

Monopoly

Front

A market structure in which a few firms dominate the market and produce similar or identical goods

Back

Oligopoly

Front

A market structure in which many producers supply an identical product and no single producer can influence its price

Back

Perfect Competition

Front

Goods and services that are used collectively and that no one can be excluded from using

Back

Public goods

Front

The most competitive market structure is

Back

perfect competition.

Front

Which is not one of the four main characteristics of market structure? Options: number of producers, similarity of products, Ease of entry, Brand loyalty

Back

Brand loyalty