Economics Quiz on Market Structures

The combination of land, labor, capital, and entrepreneurship used to produce goods and services.

A system where individuals and businesses own and control the factors of production, and individuals make decisions about what to buy and sell.

A system where the government owns and controls the factors of production, and makes decisions about what to produce and how to distribute goods and services.

A system that combines elements of both market and command economies.

The problem of deciding how to allocate scarce resources to satisfy unlimited wants.

The study of how people make choices under conditions of scarcity

A system of allocating resources based on prices set by supply and demand.

A business organization that requires owners to split profits, but also allows them to share responsibilities.

The total value of all goods and services produced within a country in a given year.

The measure of a country's GDP per person.

A market structure where there are many small firms selling identical products, and no single firm can influence the market price.

A market structure where a single firm dominates the market and can set the price.

A market structure where there are a few large firms dominating the market.

A market structure where there are many firms selling differentiated products, and each firm has some control over its price.

The ability to produce a good or service at a lower cost than someone else.

The ability to produce a good or service at a lower opportunity cost than someone else.

A tax that takes a larger percentage of income from higher-income earners than from lower-income earners.

A tax that takes a larger percentage of income from lower-income earners than from higher-income earners.

A period of rising prices.

A period of general economic decline, characterized by falling GDP and rising unemployment.

A period of sustained economic growth, characterized by rising GDP and falling unemployment.

A period of rapid and uncontrolled inflation.

The use of government spending and taxation to influence the economy.

The use of interest rates and the money supply to influence the economy.

A situation where a nation imports more goods and services than it exports.

A situation where a nation exports more goods and services than it imports.

A tax that takes the same percentage of income from all income earners.

An economic system in which financial institutions hold only a fraction of their deposits in reserve, lending out the rest.

An economic system characterized by the use of money as a medium of exchange.

A financial institution that provides deposit accounts and makes loans to members, who are also owners of the institution.

A financial institution that specializes in providing savings accounts and loans to individuals.

A period of economic decline, characterized by falling production, consumption, and unemployment.