Market Mayhem D.H
Is there product differentiation in a Pure Economy?
No, products are all the same.
This is the main reason people work.
To earn money to buy goods & services.
Josh, Katie, and Amy opens a coffee shop
Partnership
Sara can get the same cup of coffee at 3 different cafes
differentiation
Apple is a global tech company with many owners, shareholders, and decision makers, and an example of this.
Justin owns one of three telecommunications outlets in the word, his outlet has a very high entry barrier. He’s in a/an
Oligopoly
Workers organize into these to better their working conditions, wages, & hours.
Unions.
Megan opens up a lemonade stand. She chooses her hours and runs the business by herself
Sole Proprietorship
Jake choose to get the head & shoulder shampoo instead of the suave because he saw more ads of the head & shoulder brand
marketing
The American Red Cross is an example of this.
Not-for-profit
How many companies control the market product in a monopoly?
One
This tactic is why unions are more successful in negotiating than individual workers.
Collective bargaining
Jack and Jill only pay taxes on what their business earns
Single Taxation
competition
LLC stands for this.
Limited Liability Company
Why do monopolies have the power to set high prices for their products or services?
Because they is only one supplier
A labor supply curve is made up of these two factors.
Wages & Hours Worked
No matter what, if I leave, my business will change drastically
Limited Lifespan
Anna paid 400$ for apple smart watch when she could get another brand of smart watch for cheaper price
Perception
There are this many corporations in the U.S.
Over six million
In monopolistic competition, firms differentiate their products to gain a competitive edge. What are two ways businesses achieve product differentiation?
Branding/advertising and unique product features
These four factors most often determine wage.
Age, Education, Experience, & Training
Jessica is a board member and makes the big decisions in business operations
Corporation
Emily noticed that Nike s shoe prices are higher than other brand shoes
exclusivity
This is what a corporation is established through.
The Articles of Corporation