Any factor that makes it difficult for new firms to enter such as money and technological knowledge
Fall 2024 - 4.1 Flashcard - Period 4

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•
Social Studies
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Barrier to entry
2.
FLASHCARD QUESTION
Front
Expenses a new business must pay before the first product reaches the customer.
Back
Start up costs
3.
FLASHCARD QUESTION
Front
Training and education needed to start certain businesses
Back
Technological barrier - (Knowledge about the business)
4.
FLASHCARD QUESTION
Front
A product is considered the same regardless of who makes it.
Back
Commodity
5.
FLASHCARD QUESTION
Front
A market with many firms, identical products, and low barriers to entry
Back
Perfect competition
6.
FLASHCARD QUESTION
Front
What is the relationship between start-up costs and competitive market?
Back
High start-up costs reduce competition
7.
FLASHCARD QUESTION
Front
Milk is considered a commodity because it is which of the following? Bought in many different ways, An inexpensive product, The same no matter who sells it
Back
The same no matter who sells it
8.
FLASHCARD QUESTION
Front
Under perfect competition, each seller of a product is a
Back
Price taker
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