Unit 2 Markets & Trade Vocabulary Quiz

What is the term used to describe the total amount of a specific good or service that is available to consumers?

• Market

• Supply

• Demand

• Equilibrium Price

What is the term used to describe the total amount of a specific good or service that consumers are willing and able to buy at a given price?

• Market

• Supply

• Demand

• Equilibrium Price

What is the term used to describe the price at which the quantity demanded of a good or service equals the quantity supplied?

• Market

• Supply

• Demand

• Equilibrium Price

What is the term used to describe the ability of a country, individual, or company to produce a good or service at a lower cost than others?

• Absolute Advantage

• Comparative Advantage

• Specialization

• Pure Competition

What is the term used to describe the ability of a country, individual, or company to produce a good or service at a lower opportunity cost than others?

• Absolute Advantage

• Comparative Advantage

• Specialization

• Pure Competition

What is the term used to describe the process of focusing on a specific task or area of production?

• Absolute Advantage

• Comparative Advantage

• Specialization

• Pure Competition

What is the term used to describe a market structure with many buyers and sellers, homogeneous products, and free entry and exit?

• Pure Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

What is the term used to describe a market structure with many buyers and sellers, differentiated products, and some control over price?

• Pure Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

What is the term used to describe a market structure with few sellers, differentiated or homogeneous products, and significant barriers to entry?

• Pure Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

What is the term used to describe a market structure with a single seller, no close substitutes, and significant barriers to entry?

• Pure Competition

• Monopolistic Competition

• Oligopoly

• Monopoly