Market Terms

_______ is an agreement to buy or sell at a specific date in the future at a predetermined price

• equities

• futures contract

• bond

• savings

based on supply and demand with little or no government control

• traditional economy

• mixed economy

• command economy

• free market economy

the branch of knowledge concerned with the production, consumption, and transfer of wealth

• economics

• scarcity

• resources

• choice

Identify which items below are correctly matched.

• Labor sold by households = Resource Market

• Labor sold by households = Product Market

• Computers sold by businesses = Product Market

• Computers bought by households = Product Market

In terms of products, what do businesses provide for households?

• private goods

• public goods

• sales

• income

TRUE or FALSE: A store can be in both the Resource Market and the Product Market.

• True

• False

What is the term for a market structure characterized by a single seller, selling a unique product in the market?

• A) Oligopoly

• B) Monopoly

• C) Monopsony

• D) Perfect Competition

Which term describes a market where there are many buyers and sellers, and no single buyer or seller can influence the price?

• A) Oligopoly

• B) Monopoly

• C) Perfect Competition

• D) Monopsony

What is the term for a market where a few large firms dominate the market?

• A) Oligopoly

• B) Monopoly

• C) Monopsony

• D) Perfect Competition

Which market term refers to a situation where a single buyer substantially controls the market as the major purchaser of goods and services?

• A) Oligopoly

• B) Monopoly

• C) Monopsony

• D) Perfect Competition