Vocab
Business Firms
Market Structures
unions & wages
random
100
This is the parent company of a franchise.
franchiser
100
Who owns a corporation?
The stock holders
100
This type of market structure is when a single producer has complete control over one kind of good or service.
Monopoly
100
true or false competition between sellers keeps prices low and quality of products up.
true
100
Why were anti-trust laws put in place?
To increase competition
200
Things such as patents or copyrights which make it difficult for a new business to open in a particular market are considered what.
Barriers to entry
200
This type of firm combines the specialization of each partner.
Partnership
200
The cereal and soda market are what type of market structure?
Oligophy
200
Is minimum wage a government set wage ceiling or wage floor.
wage floor
200
When comparing a sole-proprietorship and a partnership who has the worst unlimited liability.
sole-proprietorship
300
This kind of market has many buyers and sellers that all sell identical goods.
Perfectly Competitive
300
How are corporations able to borrow large sums of money?
By issuing bonds
300
This type of market occurs when a few producers and their products dominate an industry
Oligophy
300
If unions do not reach an agreement with an employer what can the union do?
strike
300
What are the three steps to purchasing a franchise. In other words what are the three disadvantages of a franchise.
1. paying an initial fee 2. paying royalties 3. agreeing to meet certain quality standards
400
This is when a person or persons may have to use their personal assets to pay of debts of the firm.
Unlimited Liability
400
The disadvantages of a sole-proprietorship include unlimited liability, limited ability to raise funds for expansion and...
limited life of the business
400
In this type of market, firms produce slightly differentiated products.
Monopolistic competition
400
Define union
A worker association that bargains with employers for wages and working conditions.
400
What are the two factors that make your demand for labor services high?
1. The demand for the good you produce 2. Your productivity
500
This is formed when firms decide to act in a coordinated way to reduce the competition among them and raise their profits.
Cartel Agreement
500
This type of firm is legally distinct from its owners and considered an entity in its own right.
corporation
500
In this type of market sellers are price takers, they have no control over prices.
Perfectly Competitive
500
Almost 1/2 of states passed the right-to-work law which does what?
It gives workers the right to decide if they want to join a union or not.
500
A big difference between perfectly competitive markets and monopolistic competitive markets is that monopolistic competition... 1. has fewer sellers 2. has barriers of entry 3. has products that are differentiated not identical
3. monopolistic competitive markets have products that are differentiated not identical.
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