Economics And Personal Finance- Final Review Study Guide Rated A+

Oligopoly {Ans: Characterized by few companies because there is an extremely large capital investment required to enter the industry. A firm in an oligopoly could have the same products (e.g., aluminum or steel) or differentiated products (e.g., automobiles or soft drinks) as its competitors. Oligopolies have more control over pricing, but with few firms each knows what all the others charge for their products and must compete with them.}Loans {Ans: Something that is burrowed and expected to be payed back with interest.}Entrepreneurship {Ans: The willingness to risk starting a business plus the imagination and ability to make the business successful.}Economics {Ans: The study of how individuals and societies make choices under the condition of scarcity.}Marginal revenue {Ans: The revenue that was gained from the sale of one more unit of a good.}Negative incentive {Ans: A penalty that discourages a certain type of behavior.}