Unit 3.1 Quiz Review

Many firms selling similar products, few barriers to enter this market, some control over price

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Few firms, strong control over price, significant barriers to enter this market

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Large number of firms selling the same product, few barriers to enter this market, little control over price.

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

 Single firm, prices are high, many barriers to enter this market

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Based around making sure that every individual has enough to survive. Wealth is divided amongst everyone.

• Socialism

• Communism

• Capitalism

• MIxed

Government controls all aspects of an economy including production and wages. Government creates an even playing field for everyone.

• Socialism

• Communism

• Capitalism

• Mixed

Economic decisions are made by individual consumers and businesses. Supply and demand largely dictate prices.

• Socialism

• Capitalism

• Communism

• Mixed

Association of workers organized to improve wages and working conditions.

• Interest Group

• Labor Union

• Political Action Committee

• Lobbyist

the practice of transferring jobs to an outside country in order to utilize cheaper labor.

• Trade

• Exporting

• Importing

• Outsourcing

Situation that occurs when management prevents workers from returning to work until they agree to a new contract.

• Labor Union

• Lockout

• Strike

• Collective Bargaining