Review
Vocabulary
Business Organizations
Market Competition
Everything Else
100
Factors of production include entrepreneurship, land, labor and what
capital
100
Share of ownership in a corporation is known as
stock
100
This type of business is owned and operated by one person.
sole proprietorship
100
The main purpose of this in monopolistic competition is to build brand loyalty.
advertising
100
He is the father of capitalism and the author of, An Inquiry into the Nature and Cause of the Wealth of Nations
Adam Smith
200
The value of the next best alternative that has to be given up for the action that is chosen is the what
opportunity cost
200
A company made up of many unrelated businesses is called a what
conglomerate
200
The most common type of business organization in the United States is what
sole proprietorship
200
This is the industry in the United States that most closely approaches perfect competition.
agriculture
200
Most antitrust legislation restricts the harmful effects of these.
mergers
300
This is the study of how people and societies use limited resources to fulfill unlimited wants.
What is economics
300
This is a type of busines organization owned by many people but treated by law as if it were an individual.
corporation
300
A disadvantage of sole proprietorships and partnerships is that they have sole what
liability
300
In a perfectly competitive market there would be numerous what and what?
buyers and sellers
300
This gives the inventor of a product the right to sell it.
patent
400
Limited resources but unlimited wants is known as what
Scarcity
400
This protects art, literature, song lyrics, and other creative works for the life of the author plus 70 years.
Copyright
400
You must subtract total expenses from recepts to determin whether a business has what
Made a profit
400
The Internet and mail order catalogs have dramatically reduced the number and power of this type of monopoly.
geographic
400
This type of monopoly exsists when when a company is granted exclusive to provide a service.
natural
500
Almost all economic systems today are what type of economy
mixed economies
500
The goal of antitrust legislation is to encourage this in the economy and to prevent unfair trade.
competition
500
In the United States this type of business accounts for the greatest share of revenue.
corporation
500
The domestic motor vehicle industry would be considered what type of market?
oligopoly
500
This is the idea that satisfaction declines as additional units of an item are consumed. (review)
diminishing marginal utility
M
e
n
u