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OAE 025 Economics Exam With Verified Solutions (A+)
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OAE 025 Economics Exam With Verified Solutions (A+)...
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OAE 025 Economics Exam With Verified Solutions (A+)Monopoly - ANSWER A single seller control the product and it's price
Monopolistic competition - ANSWER A number of firms sell similar products but they are
not identical such as cloths or food
Natural monopoly - ANSWER A single supplier has a distinct advantage over the other
Oligopoly - ANSWER Only a few firms control the production and distribution of products
such as automobiles
Geographic monopoly - ANSWER A single supplier has. A distinct advantage over the
others
Technological monopoly - ANSWER A single company controls the technology
necessary to supply the product
Government monolopy - ANSWER A government agency is the only provider of a
specific good or service
Macroeconomics - ANSWER Studies larger systems
Microeconomics - ANSWER Studies smaller systems
The economic system that drives an individual society is based on - ANSWER What
goods are produced, how those goods are produced, who acquired the goods or
benefits from them
demand - ANSWER Has to do with what customers want and need as well as what
, quantity those co-signers are able to purchase based on other economic factors
supply - ANSWER The amount that can be produced to meet the level of demand or that
suppliers are willing and able to sell
Elasticity - ANSWER It is determined by the quantity of a certain product is in respect to
the price demanded on the same product.
Market Efficiency - ANSWER It occurs when the market output is sufficiently high
enough to satisfy the consumers' demands
comparative advantage - ANSWER the ability to produce a good at a lower opportunity
cost than another producer
Market economy - ANSWER Supply and Demand are determined by consumers
Planned economy - ANSWER A public entity or planning authority makes the decisions
about what resources will be produced how they will be produced and who will be able
to benefit from them
Market socialism - ANSWER Economic structure falls somewhere between the market
economy and the planned economy
Market failure - ANSWER When any of the elements for a successfully competitive
market are missing
Externalities - ANSWER Side effects of a market that affect third parties. Effects can be
negative or positive
Four factors of production - ANSWER Labor, capital, land, entrepreneurship
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