Economics Unit 3 Vocabulary

Fill in the blank: ________ is the development of skills and knowledge associated with one job or one area of expertise.

• specialization

• generalization

• diversification

• amateurism

Fill in the blank: ________ is a market structure characterized by many producers supplying the same product and very few barriers to entry in the market.

• pure competition

• monopoly

• oligopoly

• monopolistic competition

Fill in the blank: ________ is a market structure characterized by many producers supplying similar but varied products with few barriers to entry to the market.

• monopolistic competition

• perfect competition

• oligopoly

• monopoly

Fill in the blank: ________ is a market structure characterized by very few producers supplying similar products with high barriers to entry in the market.

• oligopoly

• monopoly

• perfect competition

• monopolistic competition

Fill in the blank: ________ is a market structure characterized by one producer with a unique product and very high barriers to entry in the market.

• monopoly

• oligopoly

• perfect competition

• monopolistic competition

Fill in the blank: ________ is international trade left to its natural course without tariffs, quotas, or other restrictions.

• free trade

• protectionism

• subsidized trade

• regulated trade

Fill in the blank: ________ make it difficult to trade, usually with other countries, and may include tariffs or government subsidies.

• trade barriers

• free trade agreements

• open markets

• globalization

Fill in the blank: ________ is an arrangement that brings sellers and buyers together for economic transactions.

• market

• store

• auction

• bazaar

Fill in the blank: ________ is the total amount of goods and services offered for sale at various prices.

• supply

• demand

• equilibrium

• inflation

Fill in the blank: ________ is the total amount of goods and services consumers are willing to buy at various prices.

• demand

• supply

• equilibrium

• inflation