Competition
What market structure is characterized by a single seller, high barriers to entry, and no close substitutes for the product or service?
Monopoly!!!
Describe a Horizontal Merger
A merger between two companies that operate in the same industry and are direct competitors
DAILY DOUBLE!!!
What is a Labor Union?
An organization of workers formed to protect and advance their rights and interests, primarily by negotiating with employers over wages, benefits, working conditions, and other employment terms.
A country or business’s ability to produce a good more efficiently is...
Absolute Advantage
How old was JoJo Siwa when she first appeared on the hit Lifetime Reality TV show "Dance Moms"?
12 years old
DAILY DOUBLE!!!
In Perfect Competition, product differentiation is...
Basically Nonexistent; Almost Identical Products
Describe a Vertical Merger
A merger between companies at different stages of the supply chain (like a manufacturer and a supplier) to improve efficiency and reduce costs.
Name 3 reasons someone might not join a Labor Union
Dues, Dislike Strikes, Union ban, Individual Negotiation
Comparative Advantage is...
A country or business’s ability to produce a good at a lower opportunity cost
What year was the War of 1812?
1812
Describe an Oligopoly
Market structure characterized by a small number of large firms that dominate the industry
Describe a Conglomerate Merger
A merger between companies in unrelated industries, often to diversify risk and expand into new markets.
DAILY DOUBLE!!!
What are the pros and cons of a Right-to-Work state?
Pro: Freedom of Choice, Negotiate, No Tenure
Cons: Fired at Will, Wage Disparity, Reduced Worker Protection
What is Specialization?
Specialization refers to the practice of focusing on a specific task, skill, or production process to become more efficient
What is the longest lasting #1 smash hit on the Billboard Hot 100 music charts?
Old Town Road by Little Nas Ex or A Bar Song by Shaboozey
(Both spent 18 Weeks at #1)
Monopolies in the U.S. are _________ except for ___________
Illegal, government run (sewer, electric, etc)
Describe a Divestiture
The process of a company selling off a business unit, asset, or subsidiary
How do labor unions impact income inequality in a country, and what role do they play in shaping wage distribution across different sectors of the economy?
Fight for fair wages, minimum wage
DAILY DOUBLE!!!
What is Interdependency?
Interdependency is the reliance between individuals, businesses, or countries due to specialization. As entities specialize, they often need to rely on others for goods, services, or resources that they do not produce themselves, fostering trade and cooperation.
I am thinking of a number 1-10. Get it right and you get the points
8
What is one of the biggest economic concern surrounding Oligopolies?
Interdependent decision making and price collusion
Give a specific example of each of the following: Horizontal, Vertical, Conglomerate Mergers
You coulda said a lot of stuff here
What process allows workers and employers to negotiate wages, benefits, and working conditions through direct discussion and agreement together?
Collective Bargaining
Country A can produce 12 units of wheat or 6 units of cloth per day.
Country B can produce 10 units of wheat or 8 units of cloth per day.
Who has the absolute advantage?
B: Cloth
What is scientifically proven to be the cutest animal in the world?
African Rhino
Describe how each of the following differentiate their products: Perfect Competition, Monopolistic competition, Oligopoly, and Monopoly
Perfect Competition - None
Monopolistic Competition - Quality, Marketing
Oligopoly - Substitutes, Features
Monopoly - No other options
Why might the Government (FTC) block certain mergers and allow others to go through?
Concerns over reduced competition or monopolies
Name at least 6 major accomplishments the workforce has gained because of Labor Unions
Country X can produce 50 units of wine or 100 units of cheese with the same amount of resources, while Country Y can produce 30 units of wine or 90 units of cheese with the same resources.
Despite Country X having an absolute advantage in both goods, explain how both countries can benefit from trade if they specialize according to their comparative advantages
Yeah
According to 2 Kings, the word of God, If you make fun of people you are supposed to respect, what is guaranteed to happen to you?
Eaten. By. Bears.