Market Structures (Trevor)
If you only had one internet provider at Tocoi, and they could charge whatever they wanted 🤑, what market structure would that be?
Monopoly
What’s the term for when you're overworked and underpaid by a boss so you sit them down and demand better wages and working conditions
collective bargaining
The most common and lonely type of business ownership
Sole proprietorship
If the USA 🦅 economy starts improving like crazy and producing more, what is impacted?
GDP
Alexis works for Starbucks, the government requires Alexis to pay a certain amount.
Minimum wage
Why is the gas at Bucees the same price as Costco?
oligopoly
If you're a factory worker facing dangerous conditions, working 12-hour shifts, what kind of union might you join.
labor union
Two Tocoi students open a bakery together. One runs the operations, and the other just invests money but isn’t involved 🤓. What business structure is this?
limited partnership
When a factory buys raw materials like steel, airhorns, v-bucks, fabric, and lumber, what part of the economy is it interacting with?
resource market
George needs a certification for his job. why would you pay George more?
Reduced supply and increased demand
In a perfectly competitive market, if Trevor thinks he can sell pencils for a more expensive price than Mark, what happens to Trevor?
he loses all his money
What is it called when you work but do not get paid more than 3 cents/hour but someone and tells your boss you should at least get paid $13.50?
mediator
What is an organization called when you make it to build bikes for homless people, but you get nothing.
not-for-profit organization
Trevor wants chick fil a from the cafeteria and can't get any because they all ran out. What is this an example of?
scarcity
What is the highest average hourly wage, science, management, legal, or personal care?
management
Why do companies spend millions on advertising to convince you to buy their stupid electric car?
product differentiation
What's it called when the mill workers refuse to show up because they're mad?
strike
When customers collectively own a grocery store and get discounts based on their membership, what type of business is that?
cooperative
George drives around town and only sees Mcdonalds and Wendys everywhere. What type of competition are these businesses in?
monopolistic competition
labor unions
What’s it called when you're a Massive fan of a company 🤨 and you buy their stock and then you get some of the profit
dividend
What's it called when an employer is being peer pressured to hire people from a specific group and pay them more?
featherbedding
This type of business avoids double taxation by passing profits directly to shareholders, but it’s limited to 100 owners, and no foreigners can buy it 😡.
S corporation
The mall just opened up and people go there to buy things.
consumer market
Which US department provided information about minimum wage under the fair labor standards act?
US department of labor