Market
This refers to the arrangement that people had developed for trading with each other.
What is market?
This is the struggle each firm experiences as it seeks to survive and then thrive within
the market.
What is competition?
This was one of the favorite ways for large businesses to limit competition without
actually forming a monopoly.
What is a trust?
Keeping up with the competition is a major concern for this type of competition.
What are oligopolies?
A phenomenon that occurs when the total is greater than the sum of the parts. It is
related to oligopolies.
What is synergy?
There are two major barriers of entry. One is natural while the other is usually caused
by governmental regulations.
What are natural barriers to entry and artificial barriers to entry?
This competition has a greater number of businesses, fewer differences in products, less
ability to control price, and easier to enter and exit the industry.
What is perfect competition?
This act was passed in 1890 as a governmental response to trust in the market.
What is the Sherman Antitrust Act?
Some modern businesses have been known to use tactics to spy on their competition.
Name three:
What are: Taking a tour of the competitor's factory, using aerial photographs of factories
and warehouses to analyze activities, Sifting the competitor's garbage, keeping track of
the competitor's help-wanted ads, paying workers inside the competitor's business for
information, and etc.
This is a kind of an agreement among a small number of producers to reduce their output
and increase prices.
What is a collusion?
It is a group of businesses that share common concerns: they sell a similar product, serve
a certain group of customers, or produce products in a similar way.
What is an industry?
This type of competition has fewer numbers of businesses, more differences in products,
greater ability to control price, and harder to enter and exit the industry.
What is a monopoly?
Between 1890 and 1950, Congress passed this amount of Acts.
What is 5 Acts?
Another means of spying has come from the improvement of technology. It is also the
reason why many companies banned in the work place.
What is the personal cell phone?
In a nation's economy, these three things are referred as the private sector.
What are households, business firms, and financial institutions?
These are the four key differences to distinguish industries from each other.
What are number of firms, product differences, control of price, and entering/exiting
the industry?
This type of competition contains only a few firms, and their products can be either
differentiated or undifferentiated.
What is an oligopoly?
The Federal Trade Act of 1914 provided an establishment for this agency.
What is the Federal Trade Commission?
Losing a small percentage of the market to rival can cause this.
What is the loss of thousand to billions of dollars in market?
In the nation's economy, this is referred to as the public sector.
What is the government?
He was a famous, Scottish philanthropist that said: "The man who dies ... rich dies dis-
graced."
Who was Andrew Carnegie?
She was a British economist that developed the concept of imperfect competition in the
1940's.
Who was Joan Robinson?
A telephone company that leached onto a monopoly company and controlled almost
all calls in the U.S.
What is AT&T?
Corporate spying is usually legal.(True/False).
True.
The name for businesses that have the power to control the price of their products.
What is a price setter?