Card Set Information
What is Market Price?
the price of a commodity when sold in a given market
what is equilibrium point?
the optimum position of a market price that generates an equal amount of demand and supply for a product or service.
For manufacturer, the
that maximizes a products profitablility.
what is a surplus?
supply over demand.
and more than what is neeeded or used; excess.
what is business cometition?
a term that encompasses the notion of individuals and firms striving for a greater share of a market to sell.
what is a monopoly?
the exclusive possession or control of the supply or trade in a commodity or service.
what is a oligopoly?
a state of limited competition, in which a market is shared by a small number of producers or sellers.
what is GDP?
Gross domestic product.
primary indicators used to guage the health of a countrys economy
what is price fixing?
control (by agreement among producers or by government) of the price of a commodity in interstate commerce.
what is real growth rate?
the measure of economic growth from one period to another expressed as a percentage and adjusted for inflation
What is the consumer price index?
an index of the variation in prices paid by typical consumers for retail goods and other items.
what is a collusion?
secret or illegal cooperation or conspiracy in order to cheat or deceive others
money invested in a business or the value of a company as described in marketing
what is a trade surplus?
the amount by which the value of a countrys exports exeeds the cost of its imports
what is a trade deficit?
the amount by which the cost of a countrys imports exceeds the value of its exports
what is balance of trade?
the difference of value over a period of time of a countrys imports and exports of merchandise.
what is balance of payments?
a system of recording all of a countrys economic transactions with the rest of the world over a period of one year
what are suppliers?
someone whose business is to supply a particular service or commodity.
what is an import?
bring (good or service) into a country from abroad for sale
what is an export?
send (goods or services) to another country for sale