is a market structure with one business that has complete control of a market's entire supply of goods or services.

Is a market structure with a small number of businesses selling the same or similar products.

Is a large number of businesses selling similar, but not the same, products and at different prices. This is also known as imperfect competition.

Is characterized by a large number of businesses selling the same product at the same prices.

When a lower price is the main reason for customers to buy from one business over another.

A competitive advantage based on factors other than price, like better service or more convenient store hours.

The activities involved in buying and selling goods on a large scale, such as state-wide or nation-wide commerce.

Total money circulating at any one time in a country

Is the tax and spending decisions made by the president and congress.

Policy that regulates the supply of money and interest rates by a central bank in an economy.

The central bank of the United States that is responsible for the country’s monetary system.

US laws that promote fair trade and competition among businesses.

Occurs when two or businesses in an industry agree to sell the same good or service at a set price which eliminates price competition.

When two or more businesses work together to remove their competition, set prices, and control distribution.

Market structure is how a market is organized based on the number of businesses competing for sales in the industry

Most businesses operate in a market structure of Price competition

foundation of our free enterprise system is freedom of choice by individuals

“let them do as they please.”=Laissez-faire

Government agencies collect taxes to pay for everything they want

Medicare and social security is a government developed social program

Laws are needed to keep people from finding out about aliens

Antitrust laws promote fair trade and competition among businesses

Antitrust laws are enforced by the U.S. Department of Justice and the Federal Trade Commission

An externality is something that is not directly connected to an economic activity, but affects the population