Economics Vocabular Chapter 7

philosophy that government should not interfere with commerce

• Socialism
• Totalitarianism
• Communism
• Laissez-faire

degree of competition among firms in the same industry

• company collaboration
• market structure

• monopolistic comeptition

• industry competition

independent and well informed buyers and sellers of exactly the same product

• perfect competition

• monopolistic competition

• imperfect competition

• non-price competition

market structure that lacks one or more of the conditions of pure competition

• non-price competition

• imperfect competition

• monopolistic competition

• product differentiation

has all the conditions of pure competition except identical products

• monopolistic competition

• perfect competition

• imperfect competition

• non-price competition

differences between competing products in the same industry

• product differentiation

• oligoply

• monolopy

• competition

steps take to conceive the buyer that one product is better than another

• non-price competition

• perfect competition

• imperfect competition

• monopolistic competition

few larger sellers of a product dominate the industry

• oligopoly

• monopoly

• natural monopoly

• laissez-faire

formal agreement to set prices

• collusion

• price fixing

• oligopoly

• monopoly

one seller of a particular product with no substitutions

• monopoly

• natural monopoly

• geographic monopoly

• government monopoly