Functions of Economic Systems & Free Markets

Monopolistic competition

A type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes

Oligopoly

A market form in which a market or industry is dominated by a small number of sellers

Bond

In finance, a ____ is an instrument of indebtedness of the bond issuer to the holders

Economic system

A system of production, resource allocation, and distribution of goods and services within a society or a given geographic area

Capital market

A financial market in which long-term debt or equity-backed securities are bought and sold

Bond markets

A financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market

Monopoly

Economy

An area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location

Recession

In economics, a ______ is a negative economic growth for two consecutive quarters

Inflation

In economics, ______ is a sustained increase in the general price level of goods and services in an economy over a period of time

Karl Marx

A German economic philosopher of the 19th century. He popularized the phrase 'from each according to his ability to produce, to each according to his need.''

Market system

Any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals