Ch 7 Sec 1-2
Ch 7 Sec 3-4
Ch 8 Sec 1-2
Ch 8 Sec 3-4
Ch 9
100
A market dominated by a single seller
What is a Monopoly
100
A market structure in which a few large firms dominate a market
What is an oligopoly
100
a business owned and managed by a single individual
What is Sole proprietorship
100
a legal entity owned by individual stockholders
What is Corporation
100
List 1 standard for "employment"
worked at least one hour for pay within the past week, worked 15 or more hours without pay in a family business, they held jobs but did not work due to illnesses, vacations, labor disputes, or bad weather
200
Many buyers and sellers, sellers offer identical products, buyers and sellers are well informed about products, sellers are able to enter and exit the market freely
What is Perfect Competition
200
an agreement among firms to divide the market, set prices, or limit production
What is collusion
200
A business organization owned by two or more persons who agree on a specific division of responsibilities
What is Partnership
200
a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area
What is a franchise
200
The theory that education increases productivity and results in higher wages
What is the learning effect
300
A license that gives the inventor of a new product the exclusive right to sell it for a certain period of time
What is a franchise
300
Selling a product below cost to drive competitors out of business
What is predatory pricing
300
List 2 advantages and 2 disadvantages of sole proprietorship
Ease of start up, few regulations, sole receiver of profit, full control, easy to discontinue.... Unlimited personal liability, limited access to resources,lack of permanence
300
the combination of two or more firms competing in the same market with the same good or service
What is horizontal merger
300
List 2 ways contingent workers benefit employers
seasonal work, test run, save money, less paper work,
400
List 3 examples of price discrimination
What is discount airline fares, manufacturers' rebate offers, senior citizen discounts, student discounts, children fly or stay free promotions
400
Describe nonprice competition ans give one example
a way to attract consumers through style, service, or locations but not a lower price
400
List two types of partnerships and describe what they are
General Partnership: partnership in which partners share equally in both responsibility and liability Limited Partnership: partnership in which only one partner is required to be a general partner Limited Liability Partnership (LLP) partnership in which all partners are limited partners
400
list 2 advantages and 2 disadvantages of incorporating
Advantages: limited liability for owners, transferable ownership, ability to attract capital, long life Disadvantages: expense and difficulty of start-up, double taxation, potential loss of control by the founders, more legal requirements and regulations
400
What is the difference between skilled labor and professional labor?
skilled labor: labor that requires specialized skills and training Professional labor: labor that requires advanced skills and education
500
Many firms, few artificial barriers to entry, slight control over price, differentiated products
What is Monopolistic competition
500
what is the monopolist's dilemma?
Supply of demand states as price rises demand decreases... must find a balance
500
List 2 advantages and 1 disadvantage of a partnership
advantage: ease of start up, shared decision making and specialization, larger pool of capital, and taxation Disadvantage: unlimited liability, potential for conflict
500
List 2 advantages and 2 disadvantages of franchises
advantage: management training and support, standardized quality, national advertising program, financial assistance, centralized buying power Disadvantage: high franchising fees, strict operating standards, purchasing restrictions, limited product line
500
What is the glass ceiling and who does it primarily apply to?
an unofficial, invisible barrier that prevents women and minorities from advancing in businesses dominated by men
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