Market Structures
Business Organizations
Mergers and Stuff
Random Vocab I
Random Vocab II
100
market structure with many well-informed and independent buyers and sellers who exchange identical products
What is perfect competition
100
Sole Proprietorship a business owned by one person
What is a sole proprietorship
100
firms involved in different steps of manufacturing come together
What is a vertical merger
100
agreement, usually illegal among producers to fix prices, limit output or divide markets
What is collusion
100
condition that causes a competitive market to fail
What is market failure
200
a form of business recognized by law as a seperate legal entity
What is a corporation
200
two or more businesses that produce the same kind of product merge
What is a horizontal merger
200
requirement that a business reveal information about its products or its operation to the public
What is public disclosure
200
corporation that has manufacturing or service operations in a number of different countries
What is a multinational
300
market structure in which a few large sellers dominate the industry
What is oligopoly
300
a business owned by two or more people
What is a partnership
300
a firm that has at least four or more businesses making unrelated products
What is a conglomerate
300
harmful side effect that affects an uninvolved third party
What is a negative externality
300
illegal combination of corporations or companies organized to hinder competition
What is a trust
400
monopoly based on a firm's ownership or control of a production method, process or other scientific advance
What is a technological monopoly
400
all partners are responsible for the management and financial obligations of the company
What is a general partnership
400
run like a business without financial gain for its members
What is a non-profit organization
400
goods or services whose benefits are available to everyone and are paid for collectively
What are public goods
400
the investors responsibility for the debts of the business is limited to the size of their investment
What is limited liability
500
market structure that does not meet all conditions of perfect competition
What is imperfect competition
500
a government document that gives permission to create a corporation
What is a charter
500
a nonprofit voluntary association formed to carry on some kind of economic activity that will benefit its members
What is a cooperative
500
agreement, usually illegal, by firms to charge the same price for a product
What is price fixing
500
group of specialized people that improve working conditions and skill levels
What is a professional association
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