Economics Key Terms Crossword Puzzle
QUESTIONS LIST: 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.