Monopolies
The game of Monopoly was invented in this period of American history.
Great Depression.
This is the form of competition with no unfairness.
Perfect Competition.
This is a profit paid to stockholders.
Dividend.
This group of people owns a corporation.
Stockholders.
Define an oligopoly.
An industry dominated by several suppliers who exercise some control over price.
Define a monopoly.
One seller dominates the market for a particular good or service and therefore controls the price.
These are the three kinds of imperfect competition.
Monopoly, oligopoly, monopolistic competition
This type of business is owned and operated by one person.
Sole proprietorship.
This is an arrangement among groups of industrial businesses to reduce international competition by controlling price, production, and the distribution of goods.
Cartel.
In an oligopoly, the price you pay is based off of this.
Product differentiation.
In the game of Monopoly, this is the only foolproof way to avoid paying rent.
Going to jail.
These are some disadvantages of partnerships.
Limited life, responsibility of all partners to all partners, profits must be shared, conflict amongst owners.
These are some notable disadvantages of sole proprietorships.
Unlimited liability; raising capital is hard.
Shares of a corporations that can be bought and sold are called this.
Stocks.
This is the main difference between an oligopoly and monopolistic competition.
Number of sellers.
These are two disadvantages of corporations.
Difficult to obtain charter, profits are double taxed, government control.
these are the two kinds of partnerships.
General and limited.
This is a business jointly owned by 2 or more persons.
Partnerships.
The owners of a corporation hire this group to run the business.
Board of Directors.
Advertising is so important in monopolistic competition for this reason.
It is the only way to compete in the market; it provides the illusion of choice.
Give the four types of Monopolies.
Technical, Geographic, Natural, Government.
These are the conditions that must be met to have a perfect competition.
There are many sellers in the market, large market, similar products, easy entry into market.
This is recognized by law as a separate legal entity having all the rights of an individual.
Corporation.
These are two advantages of corporations.
Professional employees, easy to get capital, limited liability.
Say oligopoly ten times fast.
You all failed.