Ch. 2 Review

A large number of businesses selling the same product at the same prices

• Monopoly

• Oligopoly

• Monopolistic Compettion

• Perfect Competition

One business has complete control

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

A large number of businesses selling similar, but not the same, products at different prices (imperfect competition)

• Monopolistic Competition

• Monopoly

• Oligopoly

• Perfect Competition

A small number of businesses selling the same or similar products

• Perfect Competition

• Oligopoly

• Monopoly

• Monopolistic Competition

A lower price is the main reason for customers to buy from one business over another

• Price Competition

• Non-Price Competition

The production of specific goods so that more products can be produced with the same amount of labor

• Trade-off

• GDP

• Market Structure

• Specialization

The right of ownership in a corporation

• Stock Market

• Stock

• Value

• GDP

Which is NOT a part of the business cycle?

• Peak

• Recession

• Incline

• Trough

A period when the economy is growing and GDP is rising

• Expansion

• Peak

• Recession

• Trough

A period of significant decline in the total output, income, employment, and trade in an economy

• Expansion

• Peak

• Recession

• Trough