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price floors create
surpluses
price ceilings create
excessive demand
Makes high prices illegal
price ceiling
Makes Low prices illegal
price floor
oligopolies working together to form a monopoly
collusion
a market dominated by 3-5 large, profitable firms
oligopoly
Companies compete in a market to sell products that are similar, but not identical
monopolistic competition
Where one seller dominates the market
monopoly
product that is the same regardless of who makes or sells it
commodity
Large number of firms that produce the same product
pure/perfect competition
things that make it difficult for a new company to enter a market
barrier to entry
Stock is bought and sold on the open market
publicly held company
a certificate of ownership in a corporation
stock
a legal entity that is owned by stockholders
corporation
a business that is owned and managed by a single individual
sole proprietorship
The most common type of business is a
sole proprietorship
The quantity demanded changes as a result of changes in the _________
price
The quantity supplied changes due to changes in the ___________
price
If a supplier leaves a product market, the supply curve will shift to the _________
left
If a new company enters a product market, the supply curve will shift to the _________
right
Price and demand have a _____________ relationship
negative/inverse
Price and quantity supplied have a __________  relationship
positive/direct
Similar products that can take the place of an original product
substitute product
Goods that pair well with another good and can have their demand affected by that good
complementary goods
if someone believes that a good will be more expensive later, then
current demand will probably increase
If something is believed to be going on sale at a later date, then _________________
current demand will decrease.
when income increases, demand for _________________ decreases
inferior products
when income increases, demand for _________________ increases
normal goods
Keeping all things constant, except for price to examine the change
Ceteris paribus
shows the quantities demanded at each price by all consumers in the market
Market demand schedule
Table that lists the quantity of a good that a person will purchase at each price in a market
Individual demand schedule
The Law of Supply states that as prices increase, quantity supplied _______
increases
The Law of Demand states that as prices increase, quantity demanded _______
decreases
Market in which productive resources (factors of production) are bought and sold
Factor Market
Market in which goods and services are bought and sold
Product Market
In the Circular Flow Model, goods and services and money flow in _______ directions
opposite
simplifies the interactions of producers and consumers in the economy to help us visualize how producers and consumers interact in an economy
Circular Flow Model
The study of people and businesses within a small market
Microeconomics
Willingness and ability to produce and sell a product at a certain price point
Supply
The quantity (or number) of a product that consumers are willing to buy at a particular price
quantity demanded
A shift to the right of a demand curve indicates ____________ in demand
an increase
Decreases in demand shift the demand curve to the _______
left
willingness and ability to buy a product creates ____________
Demand


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