Vertical Merger
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the combining of two or more firms involved in different stages of
producing the same good or service
Economies of Scale
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The phenomenon by which businesses can churn out products more
cheaply and quickly as they grow bigger.
,Tariffs increase diversification for economic stability
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Keeps jobs at home as well as diversifies economic situation at home?
Earning Economic Profits in Perfectly Competitive Market
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When the market is first established, you gain profits but after awhile there
is no economic gain.
Capitalism
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economic system in which private citizens own and use the factors of
production in order to generate profits
Constant returns to scale
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, an increase in a firms scale of production has no effect on costs per unit
produced
A Change in The Quantity Demanded
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This means a shift along the demand curve. A change in the quantity
demanded is caused by a change in price.
Market Share
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the specific percentage of total industry sales of a particular product
achieved by a single company in a given period of time
The Role of Money in Production
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Helps speed up transactions in the economy. Instead of trading someone
for another product they might not necessaryily need. Keeps economy
running.
Deadweight Loss
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reductions of combined consumer and producer surplus associated with
underproduction or overproduction of a product
Shortages
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situation in which quantity demanded is GREATER than quantity supplied at
a price BELOW the equilibrium pt.
Marginal Revenue
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the additional income from selling one more unit of a good; sometimes
equal to price
Perfect competition
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The market situation in which there are many sellers in a market (with similar
products) and no seller is large enough to dictate the price of a product.
Easy exit and entrance. Market info readily available.
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the combining of two or more firms involved in different stages of
producing the same good or service
Economies of Scale
Give this one a try later!
The phenomenon by which businesses can churn out products more
cheaply and quickly as they grow bigger.
,Tariffs increase diversification for economic stability
Give this one a try later!
Keeps jobs at home as well as diversifies economic situation at home?
Earning Economic Profits in Perfectly Competitive Market
Give this one a try later!
When the market is first established, you gain profits but after awhile there
is no economic gain.
Capitalism
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economic system in which private citizens own and use the factors of
production in order to generate profits
Constant returns to scale
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, an increase in a firms scale of production has no effect on costs per unit
produced
A Change in The Quantity Demanded
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This means a shift along the demand curve. A change in the quantity
demanded is caused by a change in price.
Market Share
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the specific percentage of total industry sales of a particular product
achieved by a single company in a given period of time
The Role of Money in Production
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Helps speed up transactions in the economy. Instead of trading someone
for another product they might not necessaryily need. Keeps economy
running.
Deadweight Loss
, Give this one a try later!
reductions of combined consumer and producer surplus associated with
underproduction or overproduction of a product
Shortages
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situation in which quantity demanded is GREATER than quantity supplied at
a price BELOW the equilibrium pt.
Marginal Revenue
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the additional income from selling one more unit of a good; sometimes
equal to price
Perfect competition
Give this one a try later!
The market situation in which there are many sellers in a market (with similar
products) and no seller is large enough to dictate the price of a product.
Easy exit and entrance. Market info readily available.
