government and the economy

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