EPF U1 Quizs

producers

• people or businesses that make goods or provide services

• individuals who consume products

• government entities that regulate markets

• non-profit organizations that provide aid

Mixed Economy

• producers and consumers decide prices

• government sets all prices

• prices are determined by international markets

• only producers decide prices

oligopoly

• a market structure where a few businesses control almost all the products in that market

• a market structure with many competitors and free entry

• a market structure dominated by a single seller

• a market structure where products are identical and prices are set by the market

indicator

• a type of measurement

• something that provides information

• a visual representation

• a statistical analysis

Traditional Economy

• trade goods and services

• rely on advanced technology

• focus on mass production

• emphasize global trade

monopoly

• a market structure with one producer controls all products in that market

• a market structure with many producers competing for the same market

• a market structure where prices are set by consumer demand

• a market structure with a few producers dominating the market

monopolistic competition

• A market structure with a single producer and identical products.

• A market structure with many producers but differentiated products.

• A market structure with few producers and identical products.

• A market structure with many producers and no product differentiation.

lagging indicator

• information that tells us where the economy was on the business cycle

• data that predicts future economic trends

• a measure of current economic performance

• a tool for forecasting future business cycles

inflation

• a decrease in the prices of goods and services over time

• the general increase in the prices of goods and services over time

• the stability of prices in an economy

• the fluctuation of prices in the stock market

substitute

• something that can be switched out for something similar

• a permanent replacement for an item

• a type of food that is always used

• a method of teaching that is ineffective