Unit 3 Vocab Flashcard

Front

Market with one seller, high entry barriers, illegal in the US.

Back

Monopoly

Front

Market with few large sellers, possible collusion, high entry barriers.

Back

Oligopoly

Front

Market with many buyers/sellers, identical products, well-informed participants, rare in reality.

Back

Pure/Perfect Competition

Front

Market with many buyers & sellers, similar products, price set by market.

Back

Monopolistic competition

Front

Economic system where tradition answers the three economic questions, growth is slow, and change is limited.

Back

traditional

Front

Economic system where the government answers the three economic questions, tends to fail, and is quick to change.

Back

command

Front

Economic system where supply and demand answer the three economic questions; resource use may be inefficient, laissez-faire.

Back

Market

Front

Economic system combining command, traditional, and market aspects; government role varies.

Back

mixed

Front

Business owned/run by one person, who gets all profits but has unlimited liability; owner is the business.

Back

Sole proprietorship

Front

Business owned by 2+ people sharing profits and responsibilities

Back

partnership