Economics Key Terms

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Words List(answer : question or clue)

structure : Market _______ describes the characteristics of the market that affect the ways in which firms compete and also the welfare of consumers in that market.
competition : Perfect  _______ describes a market structure in which there are many buyers and many sellers. There is freedom of entry and exit into and out of the market. 
Oligopoly : is a market structure in which the supply of goods is dominated by a few firms.
Monopoly : is a market structure in which there is only one firm supplying all the goods in an industry. 
Product : ________ difference is the degree to which buyers view a good as being distinct from the alternative goods being supplied by other firms within that particular market.
Ease of entry : is the degree to which buyers view a good as being distinct from the alternative goods being supplied by other firms within that particular market.
survival : is the state of continuing to exist or avoid failure.  A firm that fails to survive will go into liquidation or bankruptcy (sole traders).
Market: _________  share is the percentage of total sales in a market that is achieved by one particular firm or good.
Growth :  means increasing the firm’s sales volume or total revenue over a period of time, usually measured over a period of one year.
Price taker : is a firm that has to accept the equilibrium price set by the market in which it operates.  Any quantity of good will be sold at that price.
Pure : ________ monopoly exists when there is a single supplier in the market.

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