12th Gr Econ Unit 2 Vocab

An arrangement that brings sellers and buyers together for economic transactions

• market
• comparative advantage
• monopoly
• free trade
• absolute advantage

The total amount of goods and services offered for sale at various prices

• supply
• specialization
• quantity demanded
• trade barriers
• absolute advantage

The total amount of goods and services consumers are willing to buy at various prices

• demand
• pure competition
• quantity supplied
• production possibilities curve
• absolute advantage

The price at which the quantity supplied in the market matches the quantity demanded in the market

• equilibrium price
• monopolistic competition
• imports
• supply schedule
• absolute advantage

A condition that occurs when there is the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.

• absolute advantage
• oligopoly
• exports
• demand schedule
• market

A condition that occurs when someone can produce at a lower opportunity cost than other producers

• comparative advantage
• absolute advantage
• market
• free trade
• market

The development of skills and knowledge associated with one job or one area of expertise

• specialization
• supply
• absolute advantage
• comparative advantage
• imports

A market structure characterized by many producers supplying the same product and very few barriers to entry in the market

• pure competition
• market
• demand
• specialization
• exports

A market structure characterized by many producers supplying similar but varied products with few barriers to entry to the market

• monopolistic competition
• supply
• equilibrium price
• pure competition
• free trade

A market structure characterized by very few producers supplying similar products with high barriers to entry in the market

• oligopoly
• demand
• absolute advantage
• monopolistic competition
• trade barriers