Unit 2/3 Vocab Flashcard

Front

Arrangement connecting sellers and buyers for transactions

Back

market

Front

Total goods/services offered for sale at various prices

Back

supply

Front

Total goods/services consumers buy at various prices

Back

demand

Front

Price where supply equals demand

Back

equilibrium price

Front

Condition of producing goods/services cheaper than others.

Back

Absolute advantage

Front

Condition of producing at a lower opportunity cost than others.

Back

Comparative advantage

Front

Development of skills/knowledge in a job or expertise

Back

Specialization

Front

Market structure with many producers, same product, and low entry barriers.

Back

Pure competition

Front

Market structure with many producers, similar but varied products, and few entry barriers.

Back

monopolistic competition

Front

Market structure with few producers, similar products, and high entry barriers.

Back

Oligopoly