Flashcards - Praxis Marketing: Economics

Flashcards - Praxis Marketing: Economics
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shortage
In economics, a shortage or excess demand is a situation in which the demand for a product or service exceeds its supply in a market
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Quantity supplied
In economics, supply is the amount of something that firms, consumers, laborers, providers of financial assets, or other economic agents are willing to provide to the marketplace
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monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity
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monopolistic competition
Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes
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9 cards in set
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monopolistic competition
Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes
monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity
Quantity supplied
In economics, supply is the amount of something that firms, consumers, laborers, providers of financial assets, or other economic agents are willing to provide to the marketplace
shortage
In economics, a shortage or excess demand is a situation in which the demand for a product or service exceeds its supply in a market
economic system
An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area
market system
A market system is any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals
economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
consumer
A consumer is a person or organization that uses economic services or commodities
oligopoly
An oligopoly is a market form in which a market or industry is dominated by a small number of sellers

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