Business Ownership
Market Structures
Market Structures Continued
Miscellaneous
Miscellaneous Continued
100
What disadvantage is shared by both sole proprietorship and general partnership?
What is unlimited liability?
100
a large number of buyers and sellers, product differentiation, some product advertising
What is monopolistic competition?
100
County Cable supplies cable access to all local residents. It was a very expensive business to start. The entrepreneurs who started County Cable had to provide underground wire for the entire community. Other companies tried to compete, but the start-up costs were simply too high.
What is a monopoly?
100
total income after expenses
What is a business's net profit?
100
Salt industry is an example of this type of market structure,
What is perfect competition?
200
the least permanent form of business organization
What is sole proprietorship?
200
a market structure in which a few large sellers control most of the production of a good or service
What is an oligopoly?
200
Perfect Picture Cameras is a national camera company. It competes with a couple of other national camera companies. In order to gain an upper hand in the market, Perfect Picture Cameras has differentiated its camera by including an automatic focus and flash. Perfect Picture Cameras has the ability to raise its prices because of its unique features. However, federal regulators are always watching the company to ensure that no collusion occurs with other camera companies.
What is an oligopoly?
200
this economic philosopher believed in limited government economic involvement
Who is Adam Smith?
200
owners have limited liability to debts in this type of business ownership
What is corporation?
300
a significant advantage is limited liability
What is corporation?
300
differs from perfect competition in one key respect – sellers offer different, rather than identical, products.
What is monopolistic competition?
300
Healthy and Hearty Soups produces a variety of soups. There is considerable competition in the soup market. However, Healthy and Hearty Soups has spent several million dollars on an advertising campaign to convince consumers that their soups are healthier than all other soups. Because of this advertising, Healthy and Hearty Soups charges a higher price than other soups on the market.
What is a monopolistic competition?
300
utilities industry is an example of this type of market structure
What is a monopoly?
300
corporation is responsible for a principle and interest payment at a later date when it issues these to help raise financial capital
What are bonds?
400
70% of all business organizations
What is sole proprietorship?
400
market structure with only one seller of a particular product
What is monopoly?
400
Bill's Salmon Supplier sells fresh salmon to local seafood restaurants. Every morning Bill sails out to sea to catch salmon, and each afternoon he returns to sell his catch to local restaurants. There are hundreds of other fishers catching and selling salmon. Because the salmon Bill catches is just like the salmon caught by the other fishers, he can't raise his price.
What is a perfect/pure competition?
400
TRUE or FALSE - The internet has reduced start-up costs for many businesses
What is TRUE?
400
market with many producers offering similar but slightly different products
What is monopolistic competition?
500
able to raise money by selling stock which involves selling part ownership
What is corporation?
500
characterized by a large number of well-informed independent buyers and sellers who exchange identical products
What is perfect competition?
500
grants a company or an individual exclusive right to produce, use, rent, and sell an invention or discovery for a limited time
What is a patent?
500
TRUE or FALSE - For a business to have the best chance at success it should treat customers with respect.
What is TRUE?
500
Organizations that are in the business of benefiting society and operate like a business to promote member interests. Examples include schools, churches, and community organizations.
What is a nonprofit organization?
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