
Unit 3 Vocab Flashcard
Flashcard
•
Social Studies
•
11th - 12th Grade
•
Hard
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
Market with one seller, high entry barriers, illegal in the US.
Back
Monopoly
2.
FLASHCARD QUESTION
Front
Market with few large sellers, possible collusion, high entry barriers.
Back
Oligopoly
3.
FLASHCARD QUESTION
Front
Market with many buyers/sellers, identical products, well-informed participants, rare in reality.
Back
Pure/Perfect Competition
4.
FLASHCARD QUESTION
Front
Market with many buyers & sellers, similar products, price set by market.
Back
Monopolistic competition
5.
FLASHCARD QUESTION
Front
Economic system where tradition answers the three economic questions, growth is slow, and change is limited.
Back
traditional
6.
FLASHCARD QUESTION
Front
Economic system where the government answers the three economic questions, tends to fail, and is quick to change.
Back
command
7.
FLASHCARD QUESTION
Front
Economic system where supply and demand answer the three economic questions; resource use may be inefficient, laissez-faire.
Back
Market
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