Business Firms
The type of firm with one owner
Sole Proprietorship
Variable cost
This type of market structure has only one firm
Monopolies
Producing something in high demand will get you this
Higher wages
An organization that protects workers rights and safety.
Labor Union
The type of firm with the greatest amount of sales
Corporations
A type of cost that will never change, no matter the number of good produced
Fixed cost
A firm that sells their products at different prices
Price searcher
Minimum wage creates this kind of price restriction
Price floor
Union members stop working in order to put pressure an employer
Owners who have to use their own money to pay off any debts in the company's name have this type of liability
Unlimited liability
This symbol represents the change in something
Delta (Δ)
The number of sellers and how easy it is to enter the marker are the main differences between these two market structures
Monopolistic competitions and oligopolies
Before accepting a job, you have to consider these things
A business where workers are require to join a union within a certain time frame
Union shop
This firm is a corporation that individuals can buy the rights to use their name and sell their goods/services
Franchise
A business should make enough products to make these two things equal each other
Marginal cost and marginal revenue (MC=MR)
O.P.P.D. and M.U.D are examples of this type of monopoly
Public franchise
Why do some people make more/less than others?
Answers will vary (the supply and demand of wages)
The EPA and OSHA are examples of this
Government regulations
The profits earned by corporations are taxed once as corporation profits and taxed again when stockholders get their payments as income taxes.
Double taxation
The marginal revenue formula
MR=ΔTR/ΔQ
Firms will produce products until these two things are equal
Marginal cost and marginal revenue (MC=MR)
When quantity of labor supplied is greater than quantity of labor demanded, these two things will occur.
There is a surplus of labor and wages will fall
A law that says businesses cannot require workers to join a union
Right-to-work law or Taft-Hartley Act