Terms

These terms you have to know for the test:
• Private sector
• Public sector
• Business Organizations
-- Proprietorship
-- Partnership
-- Corporation
• Durable goods
• Non-durable goods
• Productive efficiency
-- Underallocation of resources
-- Overallocation of resources
• Short run
• Long run
• Long Run Equilibriums
• Entry/Exit in a market
• Elasticity of demand
-- In monopolistic competition
-- In perfect competition
-- In monopoly
• Government Regulation of Monopoly
-- Fair return
-- Socially optimum output
-- Consumer surplus
• Characteristics of perfect competition
• Characteristics of monopolistic competition
• Characteristics of Monopoly
-- Natural monopoly
-- Pure monopoly
• Characteristics of Oligopoly
• Barriers to Entry/Exit