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market structure
how a market is organized based on the number of businesses competing for sales in an industry
monopoly
a market structure with one business that has complete control of a markets entire supply of goods or services
oligopoly
a market structure with a small number of businesses selling the same or similar products
monopolistic competition / imperfect competition
a large number of businesses selling similar, but not the same products and at different prices
perfect competition
a large number of businesses selling the same products at the same prices
price competition
when a lower price is the main reason for customers to buy from one business over another
nonprice competition
a competitive advntage based on factors other than price
commerce
the activities involved in buying and selling goods on a large scale, such as state/nationwide commerce
fiscal policy
the tax and spending decisions made by the president and congress
monetary policy
policy that regulates the supply of money and interest rates by a central bank in the economy
federal reserve system
the central bank of the U.S. created by congreess in 1913
money supply
the total money circulating at any one timein a country
anti-trust laws
promote fair trade and competition among businesses
price fixing
when 2 or more businesses in an industry agree to sell the same good or service at the same price
collusion
when 2 or more businesses work together to remove their competitions, set prices, and control distribution
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