Business Organizatons
These are the three types of business organizations
What are sole proprietorship, partnership, and corporation?
A business organization owned by one person
What is a sole proprietorship?
This is a market structure in which there is one very large firm.
What is a monopoly?
This is the term used to describe the concept in which businesses offer different products.
What is product differentiation?
This is the number of businesses in a monopoly.
What is one?
A negative aspect of this business organization is that it has double taxes.
What is a corporation?
This form of business organization has the most liability.
What is a sole proprietorship?
This market structure is known as the one that utilizes product differentiation.
What is monopolistic competition?
Individual businesses have no influence over the price in this market structure.
What is perfect competition?
This type of monopoly is one in which the government controls a certain market.
What is a government monopoly?
This is a business organization that is owned by two or more people, and at least one partner is not involved in the daily running of the business, but may have provided some financial support.
What is a limited partnership?
This is a business organization that is owned by two or more people, and all partners are involved in the daily operations of the business.
What is a general partnership?
The cell phone network providers and soft drink industries are examples of this market structure.
What is an oligopoly?
This market structure is the most difficult for a new business to enter.
What is a monopoly?
When someone owns a patent on specific good or method of production, they are said to have this type of monopoly.
What is a technological monopoly?
This type of corporation is one that can have its stock bought and sold on Wall St.
What is a publicly-held corporation?
This is the name of a corporation which is a combination of four or more companies that are not necessarily related. Disney is an example.
What is a conglomerate?
Name two of the characteristics of perfect competition.
large number of buyers and sellers
well informed buyers and sellers
identical products
easy entry into market
This act outlawed monopolies and anti-competitive practices.
What is the Sherman Anti-trust Act?
This type of monopoly occurs when it actually lowers costs to have just one business operate in that market.
What is a natural monopoly?
This is the legal document that must be established before a partnership is formed.
What are the Articles of Partnership?
This type of merger occurs when two business merge that are involved in different stages of production.
What is a vertical merger?
This illegal practice involves businesses secretly agreeing to sell their goods or services at a specific price.
What is price fixing?
If one company in an oligopoly lowers its prices, the other companies in that market are likely to do this.
What is also lower their prices?
The only gas station in a rural town is an example of this.
What is a geographical monopoly?