Economics Vocabulary

2. small number of firms has the large majority of market share
3. formal contract to repay borrowed money
5. an agreement to charge one price for the same goods
7. laws that designate separate areas for residency & business
9. type of monopoly that exists as a result of the high fixed costs or startup costs of operating a business in a specific industry
10. formal organization of producers that agree to coordinate prices and production
12. describes a market structure where competition is at its greatest possible level
13. a person who owns the business and is personally responsible for its debts
16. make a product stand out with unique values
17. payment to a worker in addition to salary or wages
18. something you own
19. an agreement to divide the market, set prices, or limit productions

1. marketable item produced to satisfy wants or needs
4. a store, restaurant, or other business operating under such a license
6. uses the surplus revenues to further achieve its purpose rather than distributing it to the shareholders as profit
8. type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings
11. a company's financial debt or obligations that arise during the course of its business operations
12. government license that gives the holder exclusive rights to a process, design or new invention for a designated period of time
14. share of earnings given as a payment
15. portion of corporate profits paid out to stock holders