Unit 2/3 Vocab Quiz

an arrangement that bring sellers and buyers together for economic transactions

• market

• supply

• demand

• monopoly

the total amount of goods and services offered for sale at various prices

• market

• supply

• demand

• monopoly

the total amount of goods and services consumers are willing to buy at various prices

• market

• supply

• demand

• monopoly

the price at which the quantity supplied in the market matches the quantity demanded in the market

• equilibrium price

• absolute advantage

• coparative advantage

• specialization

condition that occurs when someone can produce goods and services cheaper than other producers

• equalibrium price

• absolute advantage

• comparative advantage

• specialization

condition that occurs when someone can produce at a lower opportunity cost than other producers

• equalibrium price

• absolute advantage

• comparative advantage

• specialization

the development of skills and knowledge associated with one job or one area of expertise

• equalibrium price

• absolute advantage

• comparative advantage

• spcialization

a market structure characterized by many producers supplying the same product and very few barriers to entry in the market

• monopoly

• oligopoly

• monopolistic competition

• pure competition

a market structure characterized by many producers supplying similar but varied products with few barriers to entry to the market

• monopoly

• oligopoly

• monopolistic competition

• pure competition

a market structure characterized by very few producers supplying similar products with high barriers to entry in the market

• monopoly

• oligopoly

• monopolistic competition

• pure competition