Chapter 7 Vocabulary

1
Chapter 7 Vocabulary
Homework Page 171 1 to 4 all

• This space for rent.

2
Define the following words

• 1.     Perfect Competition
• 2.     monopoly  
• 3.     oligopoly 
• 4.     nonprice competition
• 5.     price war 
• 6.     collusion 
• 7.     cartels 
• 8.     price fixing 
• 9.     product differentiation 
• 10.   franchise 
• 11.   economies of scale
• 12.  commodity
• 13. price discrimination
• 14. merger
• 15. antitrust laws

3
Make a Poster

• Divide poster paper into four different quadrants
• Upper left word
• Bottom left textbook definition
• Upper right picture
• Lower right explanation in your own words.

4
Poster Example

• DOG

A medium-sized animal that is often kept as a pet
because of their great loyalty. They are normally
characterized by fetching frisbees, sleeping on
the couch when no one is looking, and chasing
cats.
A domesticated carnivorous mammal, originally
derived from several wild species of the Canidae
family.
5
homework

• Page 171
• 1 to 4 all