These people are the most powerful people in a corporation.
Stockholders
100
A market dominated by just a few companies.
Oligopolistic
100
Fixed Costs + Variable Costs =
Total Cost
100
A legal protection for a book, song, movie, or other artisitic work.
Copyright
200
This type of business makes the vast majority of profits in the United States.
Corporation
200
It is impossible to buy stock in this corporation on a stock exchange.
Private Corporation
200
A market where one company is given the right to a production process, an artisitic work, or logo/slogan.
Legal Monopoly
200
Total Revenue - Total Cost =
Profit/Loss
200
In this time frame, businesses are able to change the factors of production.
Long Run
300
One of the disadvantages of this type of business is that profits must be split two ways.
Partnership
300
These people manage the day-to-day operations of a corporation.
Executives (CEO, CFO, COO, etc)
300
The City of Owosso is the exclusive provider of fire and police services to the city. This would be an example of what type of market?
Governmental Monopoly
300
This is the cost of producing just one more item.
Marginal Cost
300
A method unions use to push for their agenda by slowing or stopping work.
Strike
400
One of the disadvantages of this type of business is that it is limited to an individual's personal wealth, and raisng money can be difficult.
Sole Proprietorship
400
This type of stock gives its owner voting rights in the corporation, but holders will be the last to be paid dividends.
Common Stock
400
Subway and Taco Bell both serve the fast food market in Owosso, but there are fairly large differences between the two. This would be an example of what type of market?
Monopolistic Competition
400
Quantity X Price =
Revenue
400
An IOU issued by a corporation to raise capital.
Bond
500
One of the advantages of this business structure is that it has limited liability.
Corporation
500
This group of people are responsible for appointing executives and making major decisions in a company.
Board of Directors
500
BP and Sunoco are on opposite corners of an intersection. BP raises its prices by 10 cents, but Sunoco stays the same. BP quickly goes out of business. This is an example of what type of market?
Competitive Market
500
If you were looking to maximize profit, at what point would you look?
Where Marginal Cost = Marginal Revenue
500
The phenomenon that occurs when a business produces large amounts of a product, and each individual product becomes cheaper.