Unit 3 Vocab Quiz

market characterized by one seller of a product, high barriers to entry, illegal in the US

• monopoly

• oligopoly

• pure/perfect competition

• monopolistic competition

market characterized by a few large sellers in the market, some may practice collusion, high barriers to entry

• monopoly

• oligopoly

• pure/perfect competition

• monopolistic competition

market characterized by a large number of buyers and sellers, identical product, well informed buyers and sellers, hard to find in real world

• monopoly

• oligopoly

• pure/perfect competition

• monopolistic competition

market characterized by large number of buyers and sellers, product is similar, price is set by the market

• oligopoly

• monopoly

• pure/perfect competition

• monopolistic competition

economic system in which the three economic questions are answered by tradition, growth is not encouraged, slow to change

• traditional

• command

• market

• mixed

economic system in which the three economic questions are answered by the government, tend to fail, quick to change

• traditional

• command

• market

• mixed

economic system in which the three economic questions are answered by supply and demand, resource use may be inefficient, laissez-faire

• traditional

• command

• market

• mixed

economic system that is characterized by a combination of aspects from command, traditional, and/or market systems, government role varies

• traditional

• command

• market

• mixed

business owned and run by a single person who gets all profits but has unlimited liability for all debts of the business; the owner is the business

• sole proprietorship

• partnership

• limited liability corporation

• corporation

business owned and operated by two or more people who share profits and responsibilities

• sole proprietorship

• partnership

• limited liability corporation

• corporation