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Economics and Free Market Economy Essay

Is Pet’s market monopolistic or an oligopoly? An oligopoly 2. What are some ways that Pet’s Coffee & Tea tries to differentiate its product offering? Offering free samples and educating their customers about their products. The Beatniks Program. 3. What consumer needs is Pet’s satisfying? The need to feel a part of special group. The need to feel like an informed consumer.

Stabilization Act – provided authority for the federal overspent to purchase certain troubled assets and to provide individual income tax relief economy – management of resources Economics and Free Market Economy By Jeffrey-Battledore entrepreneur – a person who organizes and operates a business capitalism – an economic system in which anyone can start their own business for their own profit. Invisible hand – describes self-regulating behavior of the marketplace market economy – a free market economy not controlled by a central authority mixed economy – an economic system where the economy is directed by both the public and private sectors nonuser products – products for sale for non-business purposes command economy – an economy where supply and price are regulated by the government productivity – a measure of production gross domestic product (GAP) – market value of all good

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and services produced within a country in a given period of time inflation – rise in the prices of goods and services deflation

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