Competitive Market Structures
What is it called when a large # of small businesses sell identical products.
Perfect Competition
A store that sells things to the end customer directly. E.g.: Walmart.
Retail Business
What is the main goal of all businesses?
To make money.
What is a partnership?
Where two or more people work and own the business together.
What is it called when one business controls entire market?
Monopoly
A business that manufactures (makes) parts for other companies.
Manufacturing Business
What is management?
The process of dealing with or controlling others.
What is a Merger?
Where two or more companies combine to make one.
What is it called when a large # of small businesses sell similar but slightly different products?
Monopolistic Competition
A business that is owned and operated by the government.
Crown Corporation
What is communication?
The ability to interact in the workplace.
What is competition?
A rivalry between multiple businesses.
What does it mean when a few businesses dominate the market.
Oligopoly
A corporation that does good deeds for the public benefit rather than to generate money for owners.
Not-For-Profit Corporation
What is a business plan?
A written description that explains all aspects of a business.
What business currently has the biggest illegal monopoly over online searches?
A corporation that does not work for the public and only works for specific people privately.
Private Corporation
What is an entrepreneur.
A person who organizes and manages any enterprise.