Market Structures J.O.
has all the same products and no price control
Pure/Perfect Competition
A person who opens up a lemonade stand.
Sole proprietorship.
What is the physical and mental effort used to produce goods and services.
Labor
tom takes out a loan for his company and has to pay it back from the companies profit. this is an example of what?
what is unlimited liability
someone starts there own You tube channel.
single taxation
high entry barriers and few buyers and sellers
Oligopoly
Shareholders who own a clothing store like forever 21
Company LLC
What is the group of workers that join forces to improve their pay and work called?
Labor Unions
Owner is responsible for a company until he dies, then the company shuts down.
what is a limited lifespan
parker and cash open a local food truck together.
single taxation
has few entry barriers
Monopolistic Competition
A business owned and run by one person, with no legal separation between the business and the owner.
Sole proprietorship.
With is the law that says that a worker at a union company does not have to join the union or pay union dues to hold a job.
Right- to - work law
Linda opens a local ice cream shop. in order to buy the needed resources, she has to go into debt, which she is responsible for paying.
what is limited liability
board members and shareholders
double taxation
Pharmaceuticals and patented products
Monopoly
Pepsi workers want to want to change the logo of the can, but only the ______ can make this decision
The Board
Name the group of adult population who are either working or looking for work.
Labor Force
jerry owns a million dollar company reselling goods. he ends up dying and the company gets passed onto his nephew. this is an example of what
what is an unlimited lifespan
big company like lululemon
double taxation
4 important features of a market
- entry barriers
- price control
-product differentiation
This agreement document should outline the roles, responsibilities, and liabilities of each partner.
Partnership
What is the process when a neutral 3rd party evaluates both sides of the dispute and issues a ruling both sides of the dispute must accept.
Binding Arbitration
carl ends up taking over his fathers business after he dies. this is an example of what?
what is an unlimited lifespan
after taxes paid out to share holders
dividends