Ch 7 Economic Vocab.

123456789101112131415161718
Across
  1. 2. The expense a new business must pay before it can begin to produce and sell goods
  2. 3. selling a product below cost for a short period of time to drive competitors out of the market
  3. 7. a way to attract customers through style, service, or location, but not a lower price
  4. 10. a product such as petroleum or milk that is considered the store no matter who produces or sells it
  5. 11. laws that encourage competition in the market place
  6. 13. the division of consumers into groups based on how much they will pay for a good
  7. 15. an illegal agreement among firms to divide the market, set prices, or limit production
  8. 16. a contact that gives a single firm the right to sell its goods within an exclusive market
  9. 17. a market structure in which a few large fries dominate a market
  10. 18. a license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
Down
  1. 1. any factor that makes it difficult for a new firm to enter a market
  2. 4. a formal organization of producers that agree to coordinate price and production
  3. 5. a series of competitive price, cuts that lower the market price below the cost of production
  4. 6. a market structure in which many companies sell products that are similar nut not identical
  5. 8. when two or more companies join to form a single firm
  6. 9. a market that runs most efficiently when one large firm supplies all of the output
  7. 12. factors that cause a producers average cost per unit to fall as output rises
  8. 14. the removal of government controls over a market