Match with the correct definition. Not all terms will be used. Migration of educated professionals from a country for better pay or living conditions.
Economic principles stating that a freely competitive market works for the benefit of all.
Market situation in which each of a few producers affects but does not control the market
Market situation with only one seller for a given product or service
Two or more consecutive quarters of decline in GDP
The amount of a commodity or service that people are ready to buy for a given price.
The price determined by the movement of supply and demand
The price determined by the movement of supply and demand
The quantity of a product producers are willing to sell at a given price
Recession
inflaction
demand
oligopoly
monopoly
invisible hand
supply
market price
brain drain

Migration of educated professionals from a country for better pay or living conditions - brain drain  

Economic principles stating that a freely competitive market works for the benefit of all. - invisible hand

Market situation in which each of a few producers affects but does not control the market - oligopoly  

Market situation with only one seller for a given product or service - monopoly

Two or more consecutive quarters of decline in GDP - Recession

The amount of a commodity or service that people are ready to buy for a given price. - demand

The price determined by the movement of supply and demand- market price

The price determined by the movement of supply and demand - market price

The quantity of a product producers are willing to sell at a given price  supply

Explanation:

A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.

An example of a monopoly is a utility company

A natural monopoly occurs due to the high start-up costs or a large economies of scale.

Natural monopolies are usually the only company providing a service in a particular region  

Characteristics of natural monopolies  

1.they have a large fixed cost  

2.The firms have a low marginal cost

3.They occur naturally through the free market. It does not occur by government regulation or any other force

An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.

Oligopolies are characterised by:

price setting firms

product differentiation

profit maximisation

high barriers to entry or exit of firms

downward sloping demand curve

The amount of a commodity or service that people are ready to buy for a given price is known as demand. demand is higher when price is lower and lower when price is higher. This is known as the law of demand.

The quantity of a product producers are willing to sell at a given price. supply is higher when price is higher and lower when price is lower. This is known as the law of supply

Inflation is a persistent rise in the general price levels

Types of inflation

1.demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise

2.cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect  

The price determined by the movement of supply and demand is known as the market price.

Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.

Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied

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