Chapter 7: Market Structures
When only one company offers a certain product that doesn't have a substitute AND controls the industry and prices.
A monopoly
an enterprise that produces goods or provides services
A business organization
McDonalds, Little Caesars, Crumbl, Subway are all examples of
A franchise
The human effort used to produce goods and services is
Labor
Case study A: The worker described in the case study moved India to work at a call center. Why did she do this?
She didn't have to pay taxes, cost of living was cheaper and she was living well.
The U.S Postal service is a form of.
Government Monopoly
When there is just one owner, this is a
Sole Propietorship
Case study A: Why were Jobs and Wozniak successful at starting their own business?
They had an idea and took a risk
The price of labor is called (what workers receive in exchange for their labor)
wages
Technology in the workplace
Technical Monopoly
Name a business that is a sole proprietorship.
In N Out
The advertising targeted people that knew about technology as well as regular people that were not techies.
There are four characteristics that determine people's wages. Describe the factor "human capital"
the knowledge and skills that allow workers to be productive
Case Study B: Political Cartoon suggested that technology did what?
The Red Sox (baseball team) is an example of
Geographic Monopoly.
A business with two or more partners
A partnership
What is arguably the ONE thing that Apple did that helped them have SO much success.
Describe the "working conditions" factor that determine people's wages.
higher wages are usually paid to worker in dangerous or unpleasant jobs.
What is the bulldog way?
Be safe, be respectful, be responsible.
Few sellers, many buyers, control of prices.
Oligopoly
A business owned by stockholders is known as
A corporation
Why did incorporating contribute to the success of Apple?
Incorporating gave Apple investors which led to money which allowed them to have better advertising and develop more products.
The labor force is changing. How did globalization change the labor force. Give an example
Outsourcing - contracting people outside the country because wages are lower.
The person from Future Profits that comes and presents on Thursdays - her name is?
Mrs.Yahaira